20 million brits plan to reduce spend on food
One third of british shoppers plan to decrease spending on food - more than any other country surveyed
As inflation hits, new research from Streetbees, the London based human intelligence platform, records that more than one third of Britons (34%) expect to decrease their spending on food. Of these people 70% cite the reason as anticipated increases in food prices.
The research shows that 53% of Britons intend to change their spending habits based on their current financial situation. And although there are global factors influencing inflation British people are planning on reducing spend on food more than any other country surveyed. British people plan to reduce their spending on food by 34% compared with 31% of people in the USA , 28% in France, 19% in Italy, 18% in Spain, and 14% in Germany.
Tugce Bulut, CEO and Founder, Streetbees, says: “Multiple factors are influencing the mindset and intent of people around the world in relation to their expenditure. We find that in the UK people are planning to reduce their expenditure on food. This is not a luxury item, this is about the staples that people need in order to live. Significant numbers of people are intending to spend less because of inflation, the legacy of Covid19 and the political and trade situation. This will have a knock-on effect for retailers, brands and supply of items that people are going to be purchasing over the next 12 months.”
Research is based on a panel of 4,581 respondents in six countries with 2,005 people in the UK taking part. Other findings from the UK respondents include:
- 85% people expect their cost of living to rise
- 62% people expect that their finances will be the same, or worse within the next 12 months
- 53% intend to change their shopping habits generally
- 50% people say that they are prepared to spend up to 10% more on their favourite brands
- 30% say that they will not spend any more on their favourite brands if they were to increase in price
- 70% of consumers who paid more for food were only doing so due to price increases
Streetbees is one of the most formidable tech start-ups (Linked Best Startup 2021) using its proprietary AI and machine learning technology to reshape market research. Founded by CEO, Tugce Bulut, with her vision to transform the way that research interacts with people to better understand them. Unlike traditional ‘tick-box’ surveys based on recalled decisions, Streetbees is mobile enabled, transcribing people’s views in-the-moment to also understand the emotion and context of a customer’s experience. Streetbees captures minute, specific consumption moments in consumers’ own words and alongside their photos and videos on a global scale (150 countries).
For more information and to request the full research please contact Helen Trevorrow or Vicky Hague at Green Row on 0794 000 9138 or email firstname.lastname@example.org
Streetbees is trusted by the world’s biggest brands to deliver real-time consumer insight to help drive growth. It is used by many of the world’s leading companies including Unilever, PepsiCo, Sony, Carlsberg and many others. Advanced next generation technology works on-the-go to capture insights in real-time, with open text, photos and videos. Streetbees records real lives happening right now! (And not in hindsight long after the event). Millions of bees all around the world record their insight and AI and machine learning powered analysis decodes what people think, captured in their own words from billions of data points.
For real-time consumer insights please visit: https://www.streetbees.com/
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