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Cooperative Reveals Cutbacks In Supermarket Spending

Sep 1, 2008
Lost in the supermarket? Apparently not, as a significant number of Britons are actually doing the opposite of the famous Clash song and are spending less time - and money - in the grocery aisles, new research has shown.

In a study carried out by the Co-operative Bank, it was revealed that as declines in the financial market continue to make its presence felt on consumers' pockets they are accordingly adjusting how much cash they splash. As such it was indicated that people are now looking to make sure they spend less money when shopping for food, with the typical visit to a supermarket now said to cost 68 pounds and 33 pence. Such a figure represents a fall from the average expenditure of 89 pounds and 88 pence which was splashed out in 2007. Overall, it was stated that some 755 pounds and 56 pence less is being spent over the course of a year at the likes of Tesco, Sainsbury's, Asda and other retailers.

And as the credit crunch continues to make its presence felt by reducing shoppers' expenditure on groceries it may be possible that consumers find that their ability to keep up with other areas of financial demand - such as personal loans, credit cards, utility bills and mortgage repayments - is improved.

The study also revealed that about half of those questioned claim to have cut down the number of food shopping trips they make. Such consumers are now said to favour purchasing all their groceries for the week in one go, rather than making several smaller trips to a supermarket. Meanwhile, more than a third (38 per cent) of respondents reported that their families have noticed the cutbacks which they have made in their weekly shop.

Emma Thomas, current account product manager at the Co-operative Bank, said: "People are being more conservative in their spending and are finding that cutting back on luxury items can help make a difference. Developing a household budget is essential to keep spending in check and to identify ways costs can be trimmed, while keeping in touch regularly with their bank account will help people to know exactly what they have to spend."

Research from the financial services firm showed that flowers and magazines are the two items Britons are buying less often at supermarkets. CDs, "posh" handwash and bottled water rounded out the top five areas which are being cut back upon. The other items which consumers are said to be sacrificing on include wine, teeth whitening products, fabric conditioner, unsliced bread and nail polish.

For those wanting an effective way in which to get to grips with managing the cost of groceries and other household expenses taking out a debt consolidation loan may be advisable. By taking out this kind of loan, borrowers could find that they are able to merge various areas of monetary constraint into a single low-cost monthly repayment. Meanwhile, a recent study by Halifax Home Insurance revealed that as the cost of living has risen an increasing number of people are choosing to stay in with a DVD, a board game and a takeaway instead of going for a night on the town in a bid to cut down on spending.
About the Author
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare home improvement loans online. With online application for everything from cheap loans to bad credit consolidation loans.
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