High-Income Households Also Prioritize Affordability Amid Price Hikes

  • UK consumers more affected by cost-of-living pressures than EU counterparts, EY survey shows
  • 62% of UK consumers ‘extremely concerned’ vs 50% in Europe
  • Low-income households prioritize affordability (54% to 42%) and middle-income up from 24% to 39%
  • High-income households also prioritizing affordability (11% to 17%)
  • 60% of consumers notice price rises, 87% in fresh and packaged food
  • UK consumers more open to private label products (80% vs 50% Europe)

A recent survey by EY UK Future Consumer Index reveals that UK consumers are facing greater cost-of-living pressures than their European counterparts. The study of 1,000 UK consumers found that 62% are ‘extremely concerned’ about the squeeze, compared to 50% in Europe. Low-income households prioritize affordability (54% from 42%) and middle-income households increased from 24% to 39%. High-income households also prioritized affordability (11% to 17%. 60% noticed price rises, with 87% seeing it in fresh and packaged food. UK consumers are more open to private label products (80% vs 50% Europe).

Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (EY UK Future Consumer Index) and presents data on the cost-of-living squeeze in the UK compared to Europe. It also includes relevant quotes from an expert. However, it could provide more context about the survey methodology and specifics of the price rises mentioned.
Noise Level: 3
Noise Justification: The article provides relevant information about the cost-of-living squeeze affecting UK consumers more than European counterparts, with specific data points such as percentages of concerned consumers and price rise notices. It also highlights the shift towards private label products. However, it could benefit from more analysis or context on why this is happening and potential long-term consequences.
Financial Relevance: Yes
Financial Markets Impacted: The article highlights the impact of cost-of-living pressures on UK consumers, which can affect spending patterns and consumer behavior in retail markets.
Financial Rating Justification: This article discusses the financial concerns and changes in consumer behavior due to rising costs, which may influence retail markets and companies in the UK.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk