If you have been feeling the pinch of rising prices lately, you are not alone. The current economic climate in the UK is presenting some tough challenges, particularly when it comes to stretching our hard-earned pounds. In fact, according to RW Connect’s report ‘How They’ll Spend It’, 72% of shoppers are “very pessimistic” about the current economic outlook, and half are pessimistic about their finances. As a result, 62% are now making fewer impulse purchases. With prices on the rise, it is more important than ever for us to find ways to navigate through these challenges and make our money go further. More than ever, everyday shoppers in the UK are looking for opportunities to save, through discounts, rewards programmes, cashback and more.
The good thing is, these are just some of the ways shoppers can stretch their wallet further and feel more confident about their purchases.
Rising Prices, Worldly Events, and Changing Habits Affect How Much We Save
Unfortunately, with the rise of the cost of living, everything from groceries to mortgage rates seem to be getting more expensive and this is impacting the confidence that shoppers have, to spend their money on leisure goods and activities.
Housing Prices: According to a recent article written by the Guardian, The U.K is seeing its highest rise in housing prices compared to the last 10 months, at 1.5%. Primarily, this is due to increase in buyer demand, particularly happening in London. Experts are calling the mortgage market more unpredictable, testing buyer’s affordability.
Food Prices: Although food prices have remained at a 4% increase since this time last year, we are still feeling the sting of higher prices than we have ever experienced before. High food inflation has been a primary cause for a lot of inflation that we are seeing in the UK today. Because of this, we often find that we are choosing to get takeaway less and buy our own groceries to keep our food expenditures low. A recent report by The Food Foundation, indicated that 54% of UK shoppers are looking to buy the cheapest option for groceries or own-brand items that are cheaper than bigger brand names on the shelves, and these are not the only habits we are seeing change in shopper’s purchase decisions.
Purchase Habit Changes
As prices remain high, we are seeing shifts in the purchase decisions that shoppers are making. When there is uncertainty in the air about what the future of the economy looks like, reports are sharing that 84% of shoppers in the UK are worried about the rising cost of living and are changing their priorities on what comes most important in their purchase decisions. So, it only feels natural to become more conservative in spending.
Today, shoppers are prioritising buying things at their best value, which includes taking advantage of the sales section, using loyalty programs for things like groceries, or using cashback websites to help save on essential, as well as non-essential items.
Other Tips to Save More
So, how can you make the most of your savings during these tough economic times? It’s all about being savvy and strategic with your spending. Here are some of our top suggestions for how to take control of your spending habits:
Always Price Compare
Price comparison is very real – There is lots of different options out there for where you can get the best bang for your buck on purchases. Keep an eye out and visit multiple stores options to find the best deals on the items you are looking for. Sometimes one store will have a better deal on one item, and another better deal on the next. Another way to do this is to buy food that is at its ripest point and can be enjoyed the same day as you purchase. Some of these food items can be as low as 50% off!
Take Advantage of Rewards Programmes
Many stores have club cards or rewards programmes that allow you to save and gain points towards getting a discount off your next purchase. Rewards programmes can also include cashback as well. This is one of the easiest ways to get rewards and money back for not only the necessary purchases you need to make, but also less often ones, such as gifts or seasonal items. It is like saving on your everyday shopping that you already would have made!
Keep Up with Promotional Offers
Many companies have promotional offers happening through their marketing (email newsletters, social media, website ads, etc.) that you can keep on the eye out for! Especially around seasonal times, you can find some exceptional promotions on regular items. For example, a Complete Savings member, you can stay up to date with email promotions, as well as our weekly deals content / seasonal content on our social media channels like this one: https://x.com/completesave/status/1772283068843229224
Here at Complete Savings, we understand that this is the priority with shoppers today, which is why we’re constantly working to provide for you a helpful service for getting cashback on your favourite stores, so that you feel less of the weight on your wallet, while getting to take advantage of extra perks such as our Welcome Reward and Monthly Bonus. If you want to learn more about the details and rewards on Complete savings, read our other blog here (insert link).
We hope these tips will help you to not only take charge of your purchasing decisions and find ways to make better deals but stay aware of the best ways to keep making the most out of your money moving forward! Make sure to share this with family and friends who may also benefit from these tips!
Want to learn more about how to earn cashback using Complete Savings? Click here!