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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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Retail

Food shops biggest cutback for households during 2023 cost pressure

Households slashed spending on food shops by 7.5% over the course of 2023 as cost pressures gripped the nation.

According to the Office for National Statistics, spending rose on a nominal basis but fell in real terms when accounting for inflation.

This meant households made their biggest cutbacks on food shops over the year, the ONS said.

This was through “either consuming less, or where applicable buying lower quality items”.

Overall average weekly spending among households climbed to £567.70, by 7% or £38.90.

However, in real terms this fell by 4%, equating to £21.10 less each week.

This is after consumer price inflation sat as high as 10.4% in February 2023, following a peak of 11.1% in the previous October, before steadily declining.

The ONS added fuel and power remained the highest areas of spending for households.

Proportions of household spending on food and transport returned to pre-pandemic levels, the data also showed, while this remained below pre-Covid trends for restaurants and hotels.

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