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Cost-of-living pressures have affected UK consumers more than their European counterparts, according to the latest EY UK Future Consumer Index.
The 12th edition of EY’s survey of 1,000 UK consumers found that 62% of UK consumers say they are “extremely concerned” by the cost-of-living squeeze, compared with 50% in the rest of Europe.
The survey found that affordability continues to be felt most keenly by low-income households, with 54% of this group prioritising affordability – up from 42% in June 2022 – compared with a rise from 24% to 39% for middle-income consumers.
The proportion of households in the high-income bracket putting affordability first increased from 11% to 17% over the same period.
Some 60% of consumers have also noticed price rises, with as many as 87% seeing price rises in fresh and packaged food, compared to 59% in June 2022.
UK consumers continue to be more open to private label with 80% willing to buy private label packaged food compared to only 50% of their European counterparts.
Silvia Rindone, EY UK&I Retail lead, said: “Our latest survey shows the strain the ongoing cost-of-living squeeze is having on UK consumers who are making more considered decisions about how and where they spend their money.
“This challenging, highly-price sensitive environment means brands and retailers need to work harder than ever to understand the factors influencing the UK consumer and re-evaluate ranges and pricing to better meet their needs.”
