Only 14% of consumers would hide the fact they buy value products
Research from Mintel has found that 30 per cent of consumers buy budget ranges, with only 14 per cent of these saying that they would hide the fact that they buy these products.
Mintel's research finds nearly half (44 per cent) of all Brits are budgeting more than they were this time last year, with 89 per cent shopping on a budget and even 90 per cent of high earners (those earning £50,000 and above) likely to jump on the “budget bandwagon”.
Ina Mitskavets, senior consumer and lifestyles analyst at Mintel, said: “The downturn over the last few years has changed spending and budgeting habits in the UK. We have gone from a nation of borrowers and over-spenders to a nation of savers and savvy shoppers. The constant reminders of the dire state of the UK economy, together with what we have seen happen in Europe over the last few years, means that budgeting, saving and discounts have become words ingrained in the consumer psyche.
“No longer is budgeting something to be ashamed of; in fact, finding a bargain or getting a great deal is something to be celebrated, even shouted about.”
It was found that 70 per cent of adults have used discounts, such as buy-one-get-one-free or two-for-one in the last six months, while 32 per cent use coupons from the internet and 66 per cent use rewards or loyalty schemes.