UK households faced the biggest fall in living standards since records began in 2022, as the cost of living crisis had a huge impact on both consumer and brand behaviour. While inflation has fallen slightly this year, down from 6.7% last September to 4.6% this October, the overall picture has been much the same in 2023. In fact, British households’ food bills alone have been driven up by more than £600 over the past two years, thanks in part to the global climate emergency and soaring energy prices.
In light of the ongoing economic uncertainty, it’s hardly surprising that consumer confidence has taken a big hit over the last 12 months. Research from consumer group Which? found that trust in UK supermarkets is at a nine-year low, as grocery retailers and food manufacturers faced allegations of profiteering and discounters Aldi and Lidl continued to increase their market share.