Over half of those cutting back on their grocery spend in the last three months have stopped buying alcohol altogether, according to a survey of over 21,000 people worldwide.
Of the total, 28% – 5,951 people – said they had cut back grocery spending to make savings compared to three months ago, according to the analysis by GlobalData, Just Drinks’ parent company.
Go deeper with GlobalData
Of those who bought alcohol and were cutting back on overall spend, 58% – 856 people – said they had stopped buying alcoholic beverages altogether to consume at home because they were too expensive.
A further 33% had traded down in the alcohol they bought, either by buying private label and cheaper brands, trading down within their usual brand’s range, or swapping to a cheaper supermarket.
Only 9% of people had stuck with the brands they previously bought and were cutting down on quantities or regularity of purchases.
For non-alcoholic beverages, meanwhile, fewer people cut back altogether but more traded down.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAlmost half – 856 people, forming 46% of shoppers – of those cutting back on their grocery spend in the last three months said they had traded down in some way, whether to a cheaper brand or within the same brand.
Nearly a fifth, 19%, said they had stopped buying soft drinks altogether. The full survey can be found on GlobalData’s Intelligence Centre.
It comes as grocery inflation has begun to slow in economies including the UK and US.
In September, US food and soft drinks prices extended an easing trend from last year’s historical highs, climbing 2.4% in the 12 months through September, compared to 3% in August, and 3.6% and 4.5% over the previous respective two months.
In the UK, grocery price increases also eased in August (September’s figures have not yet been released by the government’s Office for National Statistics).
The Consumer Price Index for food and non-alcoholic beverages slowed to a 13.6% increase in August, on an annualised rate, compared to 14.9% in July.
