By Annie Dabb • 26 June 2022 • 10:54
Image - Asda: Flickr - Asda Shirley Parkgate
ASDA chairman Lord Stuart Rose noticed the common behaviour of supermarket shoppers following the cost of living crisis, which has led many customers to do whatever they can to stretch their budget. Other strategies include switching their supermarket of choice to discounted stores and purchasing value branded products to make the most out of their grocery spending.
The Office for National Statistics (ONS) has revealed that in May, supermarket sales dropped by 1.5%. This is no surprise considering the current 9.1% UK inflation rate, the highest in 40 years. The concerns around finance shortages and overspending apply to the increased price of fuel due to the increased price of crude oil, corresponding to the ongoing climate crises as well as the cost of living crisis, since the covid-19 pandemic
Rose has described the rising inflation as “pernicious” and reminds us of the high inflation rates in 1970s which also negatively affected many people’s day-to-day spending and budgeting.
Deputy director for surveys and economic indicators at ONS has attributed increased fuel prices to many workers returning to the office following the pandemic. She has also revealed that comparatively, people are spending less on “household goods and department stores”. The “consumer reluctance to spend” she has put down to “affordability worries and higher prices.” It is predicted that the annual grocery shop bill will leap from £380 to £4,960 in 2022.
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From Newcastle originally, Annie is based in Manchester and is a writer for the Euro Weekly News covering news and features.
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