Eight out of 10 Brits report an increase in their grocery shopping bills over the past six months, according to a study conducted by market research and insight specialist Trinity McQueen
The study shows that 60 per cent believe brands are using Brexit as an excuse to increase prices, with 71 per cent stating that food prices will increase after the UK leaves the EU and 21 per cent expect prices to increase by 'a lot'.
Feedback suggests that what shoppers voted influenced their stance on the rise in price of grocery goods. Those who voted remain are more likely to believe prices are generally rising; those who sided with leave are more likely to feel that prices haven't risen significantly and will stabilise soon.
Overall 66 per cent of Brits agree rising food prices will greatly impact them over the next year.
Despite the pinch on their purse strings, 78 per cent of UK shoppers say they are still loyal to British food brands, citing quality and freshness as their main appeal. 63 per cent of shoppers would most likely pay more for British brands providing fresh produce, 60 per cent for fresh dairy and 59 per cent for fresh meat categories. However, 32 per cent said they would welcome cheaper food imports after Brexit, even if the production standards of those foodstuffs were lower than those in the UK.
Anna Cliffe, joint-managing director of Trinity McQueen said, “Our key finding is around uncertainty. Many of us feel unsure about what the future economy may bring and believe that prices will continue to increase once we leave the EU. We particularly see more pessimism and uncertainty amongst younger people, who were more likely to vote remain.
“And what’s the impact of this on our grocery shopping? Well, unsurprisingly, we’re seeing more shoppers flocking to Aldi and Lidl, and our data shows that shoppers – particularly the younger generation - are more likely to consider own label products and reject big name brands too. It’s a warning for retailers and brands who need to deliver compelling products and lower prices to keep younger shoppers loyal.”