European, US and Asian consumers are returning to “austerity shopping behaviours” common in the 1970s and 1980s as inflation squeezes budgets for food and household goods, research has shown.
Data group IRI said households were turning back to measures such as making packed lunches, buying cut-price food that is out of date, curbing their alcohol intake and visiting multiple supermarkets to secure the cheapest deals.
The changes in how people shop for household essentials are cutting into sales growth for consumer products and boosting supermarket own-label brands.
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