City AM – Britain goes own brand
Recession fears see Brits stock up on own-brand kitchen staples
CITY AM SAYS THE COST of living crisis is beginning to be felt in the pockets of ordinary punters – with more than one in three turning towards own brand products to keep the kitchen cupboard stocked.
New research from KPMG suggests more than half of UK consumers have reduced ‘non-essential’ spending amid recession fears, with eating out top of the list of sacrifices.
Though the jury remains out on whether the UK will enter a technical recession, the country is undergoing its most painful squeeze on real incomes in decades, due in large part to runaway inflation.
More than four in ten have not undertaken any ‘big ticket’ purchases this year, and a third are using their savings to help meet essential household expenditure.
Alongside the rise of own brand and value products, others higher up the financial ladder are increasingly ‘swapping out’ restaurant meals for premium home cooked dinners.
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