Shopper confidence in the UK has reached a new low of -24 in June following a mild uplift over the previous couple of months, according to latest Shopper Confidence Index from IGD.
In June, shopper confidence declined three points to a level lower than the previous lowest point of -23 in March 2022.
The decline reflects increasing pessimism amongst shoppers this month, the study noted.
Shoppers are placing less importance on quality as saving money is becoming a priority.
Recent data from Eurostat has shown that Euro zone consumers cut spending on food, drinks and tobacco for the second straight month in May amid a spike in prices.
Rhian Thomas, head of Shopper Insight at IGD ShopperVista, said, “The reality of the cost-of-living crisis appears to have hit home for shoppers this month, and that is reflected across their behaviour and sentiment.
“We anticipate shopping behaviour changes will accelerate as shoppers look to save as much money as they can, and being on top of those changes will be critical in the coming months.”
The study also unveiled that net financial confidence declined by four points.
All demographics saw decline in overall confidence, with those aged 45-54 (down from -23 to -30) and less affluent groups witnessing the most significant decline.
In June, a study by Nielsen IQ unveiled that British shoppers were shifting to cheaper food alternatives in their supermarket shopping in a bid to navigate a worsening cost of living crisis.