Eight in ten Brits feel forced to shun local shops for big brands to save money in cost of living crisis
A MAJORITY of Brits say that the cost of living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.
Eight in 10 Brits claim the rising cost of living is forcing them to shop with big brands and national firms to get the cheapest possible price – but for many, they’d prefer to shop local.Just 21 per cent of those surveyed said they like to support small and medium size enterprises like corner shops due to better customer service, unique products and a sense of community.
Meanwhile, a whopping 80 per cent of SMEs said they were struggling to compete with lower prices offered by national brands, while 72 per cent said they were losing customers over it. As the cost of living crisis bites, 73 per cent felt that the current economic climate makes it harder for them to compete.This has hurt their customer base, with 42 per cent of individuals saying that soaring bills and mortgage rates have already forced them to look for the cheapest options available.
This comes after a relative boom for local shop owners, which saw 67 per cent of SMEs receive an influx of customers during the pandemic, fizzled out.
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