69% of Britons ditching grocery brands for cheaper variants
Austerity hit Britons are increasingly opting to ditch big name grocery brands in favour of cheaper alternatives, according to a new report.
The Nielsen Global Survey of Consumer Confidence recorded the greatest falls in Europe, conflating this with penny pinching practices whereby people increasingly seek to cut costs wherever possible.
Already the lowest in the world by a hefty margin these slipped a further three index points in the fourth quarter of 2012 to 71 – any score below 100 representing general pessimism.
This compared unfavourably with Latin America (96), up two points, Asia Pacific (101) up one point, North America (90) down a point, and the Middle East/Africa (96), down two points.
The report added that 69% of Britons have now altered their spending and purchase habits to save on household expenses.
Nielsen European president Christophe Cambournac said: “European consumers are indicating they are further tightening their belts and changing their spending habits. Less positivity about the future is causing a rise in their cost-cutting activities and greater caution, whilst saving and paying off debts are amongst the most popular uses for any spare money.
“However, there are positive signs for manufacturers of cheaper clothes and grocery brands as Europeans indicate they are likely to switch to these types of products to save money.”