Seven in ten UK households fear the cost of living will fall -NielsenIQ | – #ten #households #fear #cost #living #fall #NielsenIQ

LONDON, Feb 7 (Reuters) – Big Britain About 72% of households fear they will be severely or moderately affected by a cost-of-living crisis in the first half of 2023, up from 54% at the end of last year, survey data from market researcher NielsenIQ showed on Tuesday.

Hard after 2022 Britain consumers are facing even more strain on their finances this year. Inflation 10.5%, mortgage rates are rising and the government is reducing support for household energy costs.

NielsenIQ said that food in the UK prices rose 7.6% on a value basis in the four weeks to January 28 as inflation rose to 13.8%.

However, sales fell 6.9% – the lowest volume growth in nine months, reflecting buyers’ concerns about rising living costs.

Mike Watkins, head of UK retail and business insight at NielsenIQ, said: “We expect a challenging first quarter for the grocery industry, inflation very important to buyers,” he said.

Latest UpdatesUnited Kingdom categoryUK Sunak shuffles cabinet to boost commitment to economy, article with imageBusinesscategory BP sees record profits in 2022, slows transition from oil, videoArticle with video

See 2 more stories

“As a result, shoppers will continue to trade up to cheaper brands or private label products.”

Last week, NielsenIQ, which replicated data from rival market researcher Kantar, reported that German discounters Aldi and Lidl had 28 sales over 12 weeks. January said it continued to show strong momentum with sales growth of 21.9% and 17.3%, respectively, year-to-date.

Lidl has overtaken Morrisons to become the UK’s fifth largest grocer with a market share of 8.9%.

Market leader Tesco’s (TSCO.L) sales rose 8.1%. Sainsbury’s ( SBRY.L ) was up 8.3%, Asda was up 7.4% and Morrisons was down 0.5%.

NielsenIQ said online’s share of all FMCG (fast-moving consumer goods) sales was 11.1%, similar to its share in the latter part of 2022.

Separately on Tuesday, Britain Surveys conducted by the Retail Consortium and Barclays showed that spending in British retail companies january slowed in May, but the overall picture looked a bit brighter as consumers headed to theaters and booked vacations.

Reporting by James Davey Editing by Mark Potter

Our standards: Thomson Reuters Trust Principles.

2023-02-07 19:59:52
Source – reuters

Translation“24 HOURS”