Cost of living crisis forcing Britons to shun local for big brands
Posted on in Business News, Cycles News, Creative News, Outdoor News
National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.
In research commissioned by Santander UK, eight in ten claim the rising cost of living is forcing them to shop with big brands and national retailers to get the cheapest possible prices, even though many would prefer to shop local.
Just 21% of those surveyed said they like to support small, local shops due to better customer service, distinctive products and a sense of community.
Meanwhile, a disturbing 80% of SMEs said they were struggling to compete with lower prices offered by national brands, while 72% said they were losing customers over it.
As the cost-of-living crisis deepens, 73 % felt that the current economic climate makes it harder for them to compete. More than two thirds of small shops admitted that spiralling inflation had forced them to raise prices.
This has also hurt their customer base, with 42% of individuals saying that soaring bills and mortgage rates have already forced them to look for the cheapest available options.
This comes after a relative boom for local shop owners, which saw 67% of SMEs receive an influx of customers during the pandemic, dissipated.
More than half of consumers said that they had tried harder to support smaller retailers between March 2020 and 2022. Those numbers have fallen this year as a quarter of shoppers have scaled back their local spending due to rising costs, despite 47% enjoying the friendliness of local outlets.
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