Yahoo Finance Shoppers resorting to bulk buying amid cost of living crisis
Consumers are buying groceries in bulk to offset increasing prices and guarantee availability, according to a survey.
The Barclaycard consumer survey found more than a third (35%) of respondents admitted to stocking up on everyday items such as tinned and dried products (both 13%), household supplies (11%), and tea & coffee (10%).
Read more: UK inflation hits 30-year high of 7% as cost of living crisis deepens
Spending on essentials was also boosted by a demand for convenience and the popularity of local shopping, with food & drink specialist stores (butchers, bakeries and online meal-kit providers) up 76.9% compared to three years ago.
According to the report, gathered using data from March, 13% of shoppers are stocking up on canned tomatoes, baked beans, tuna, pasta, flour, rice and grains.
Barclays said card spending on essential items was up even more at 18.1%, largely driven by increased supermarket spending and higher fuel prices, said the report.
José Carvalho, head of consumer products at Barclaycard, said: “Many sectors saw strong growth in March compared to the same period in 2019, as sunnier weather encouraged Brits to socialise at pubs and bars, book staycations and update their wardrobes for spring and summer.
“However, rising fuel prices and household bills are clearly starting to influence consumer behaviour, with many Brits changing their travel and shopping habits to save money. While this may dampen growth in the months ahead, we shouldn’t overlook the expected heatwave later in April, and the fast-approaching Easter holidays, both of which are likely to boost non-essential spending.”
Read more: Tesco pledges to rein in prices as inflation squeeze tightens
The survey also showed that nine out of 10 consumers were concerned about the negative impact of rising household bills on their finances, leading many to change their travel and shopping habits to save money.
Overall, Barclaycard reported a 17.7% increase in spending on cards in March compared with the same month in 2019 (pre-COVID).
Watch: How to save money on a low income
