A greater number of shoppers in the UK are adapting to the new economic reality and believe the worst is behind them, according to new research released by market analyst IGD ShopperVista.
According to the survey of over 1,000 people, food and grocery shoppers are encouraged by falling inflation and are beginning to feel more optimistic about the future.
IGD found that nearly half of all shoppers (47 per cent) believe they will be worse off in the year ahead, although this is down from 61 per cent last year, while 40 per cent believe their personal economic situation will remain similar through 2012, up from 29 per cent last year.
Meanwhile, the lowest number of shoppers to date – 21 per cent – expect food prices to get much more expensive over the next 12 months, dropping from 33 per cent in 2011.
'While some of the changes are slight, they do represent a shift in shopper sentiment that should be widely welcomed,' said Joanne Denney-Finch, chief executive of IGD. 'They have adapted to the new economic reality and are aware that UK inflation may have peaked. Rising food, fuel and utility prices are the main factors that shoppers fear will make them worse off in the future, so good news in this area is helping improve shopper confidence.
'The economic environment remains challenging and we expect 2012 to be a rollercoaster ride for many shoppers,' Denney-Finch added. 'However, with more people becoming used to the way things are, they are focusing again on values, with 34 per cent saying that quality is extremely important when choosing where to shop for food and groceries – the highest level for more than a year.'
