More than half of Gen Z’ers change supermarkets as a result of rising food prices compared to less than a third of previous generations
Investment platform Saxo find 16-24-year-olds to be more financially conscious during the cost of living crisis in comparison to those over 55.
- Over half (56%) of Gen Z have changed supermarkets and their shopping habits due to rising food prices
- Almost three quarters (70%) of those aged 55 and over have not changed their supermarket over the past year missing out on deals at various shopping locations
- Food inflation is at an all time high at 16.8% in the year leading up to December, squeezing household budgets across the country
Generation Z appear to be the most adaptable with their finances when it comes to their shopping, as over half of them are changing supermarkets to strike the best deals, a survey by investment platform Saxo reveals.
Soaring inflation has forced food prices to hit a 40-year high and the UK public is seemingly becoming more conscious of how inflation is affecting everyday finances.
This is most apparent in the younger generation with 56% of Gen Z shoppers, aged 16-25, choosing to switch their supermarket to save money.
People aged 55 and upwards, on the other hand, are the least adaptable when it comes to changing supermarkets because of prices, with 70% choosing not to switch.
Millennials are also changing their go-to store in the search for deals, though this decreases with age - over half of those aged 25-34 change shops, while only 39% of 35-44-year-olds do the same.
At a time when inflation is at 10.5% and is squeezing people’s incomes, “every little bit counts”, says Harry Leyburn, of investment platform Saxo.
He added: “Shopping around at different supermarkets, looking for yellow stickers and downshifting supermarkets’ own brands can make a huge difference to our shopping experience.”
The survey commissioned by Saxo via Censuswide surveyed 2,002 UK adults between the dates of January 10th - 13th 2023.
Have you changed your choice of supermarket over the past year because of rising food costs?
According to additional research by Saxo, savvy shoppers can save up to 30% if they go to Lidl instead of M&S for essentials.
Saxo’s analysis crowns Lidl as the UK’s cheapest supermarket for food essentials, followed closely by Tesco, Aldi and Asda. The most expensive shops in this category are Marks & Spencers and Waitrose.
Supermarket By Price of 10 Essential Items, according to Saxo
Essential Items shopping
*The data from Saxo analysed the prices of the same 10 items at different supermarkets. The essential foods include supermarkets’ own medium white bread (800g), salted butter (250g), semi-skimmed milk (2 pints), medium free-range eggs, Heinz Baked Beans (4X415g), chicken breast fillet (300g), granulated sugar (1kg), a bag of carrots (1kg), toilet roll (4 rolls) and Colgate Triple Action Toothpaste (100ml).
Harry Leyburn, at investment platform Saxo, says:
“Our research shows that the younger generation may be more financially conscious than people give them credit for. Though the elder generation has more experience with their finances, surprisingly, they’re not as adaptable with their finances as the generations to follow.
“With UK inflation at double digits, food prices are rising at an alarming rate and UK households are more conscious of their spend on their weekly shops.
“It’s important for the general public to understand how inflation affects their finances and from this survey, it's clear to see many are taking action to help protect their income.
“Plus, our food inflation data for essentials shows choosing a better-value supermarket can make a massive difference to help consumers save money and combat the cost of living crisis.
“Shopping around at different supermarkets, looking for yellow stickers and downshifting to own brands can also help your consumer spending in the long-term.”