Consumers cutting down on alcohol amid cost of living crisis
Around 50% of British consumers are planning on limiting their spending on alcohol as a result of financial pressures, new data has found.
According to research from British drinks brand Gunner Cocktails, the cost of living crisis is likely to be a “difficult period for many drinks brands in the UK as consumer confidence continues to reach historic lows”.
However, while around half of consumers are looking to reduce their spending, 52% also said that they would be favouring more “premium” products in a shift from quantity to quality.
A further 61% said that buying products made in Britain was important to them as more consumers look to “support British businesses” during the cost of living crisis.
Dannie McDonald, managing director, Gunner Cocktails, said the research indicates “that buying British not only offers a vital lifeline to industries already facing a difficult economic situation, but that it can help grow a brand's consumer base by attracting a new segment of consumers conscious about the brands they associate with”.
The Gunner's Consumer Drinks Wishlist survey was conducted between November 2022 and January 2023. It surveyed 300 consumers from across the UK.