From batch-cooking healthier meals at the weekends to buying more own brand products, new data from Barclays has revealed how consumers have adopted a more cost-conscious approach to New Year’s resolutions in 2023.
Insights from Barclays’ monthly Consumer Spending Index, which combines hundreds of millions of customer transactions with consumer confidence data, highlight some of the key trends and flag up opportunities for retailers.
The cost-of-living squeeze has apparently dampened appetite for New Year’s resolutions with 11% saying they have not made any resolutions at all due to rising costs, and an additional 10% feeling that resolutions are “less important this year” for the same reason.
A key trend identified is a sharp increase in people looking to get more value from the shopping spend each week. Some two-thirds (65%) are actively looking for ways to get more value from their spending with almost half (49%) saying they are shifting to own-brand or budget goods over branded goods.
Meanwhile, over one-third (34%) of those who are aiming to make their resolutions more cost-effective this year are planning to get a head start by preparing healthier or cheaper meals by batch cooking at the weekends, creating opportunities for retailers able to meet demand for ingredients.
A significant 63% of shoppers plan to reduce how often they eat out at restaurants, presenting more opportunities for retailers.
Commenting on the findings, Esme Harwood, Director at Barclays, said: “When purse strings tighten, the categories which tend to perform well include takeaways as a substitute for meals out, and staycations instead of holidays abroad.”
