UK Shoppers Face Shrinking Products and Rising Prices in 2023

Shoppers report getting less product for the same price ("shrinkflation") or worse quality for the same price ("skimpflation") in 2023, especially for items like chocolate, crisps, and alcohol.

76% of UK shoppers noticed shrinkflation in products like biscuits and snacks, which sometimes even cost more.

Consumers spent 4.1% more in 2023 than 2022, but cut back on dining out and clothes to offset energy bills.

Grocery spending is up with more shoppers turning to discount supermarkets, now accounting for a record 15.5% of grocery spending.

While retail and dining out declines, travel and entertainment like cinemas, concerts, pubs, and streaming services saw spending gains.