As the cost of living crisis continues to bite, British consumers are increasingly cutting back on alcohol purchases. A recent report by The Grocer magazine revealed that sales of the top ten most popular beer, spirit, and wine brands in UK supermarkets have declined, The Sun reports.
Factors driving this trend include rising inflation and a hike in alcohol duty last year. The average price of alcohol has increased by 4.5%, with fortified wines seeing the steepest rise at 12.9%.
While overall spending on alcohol in supermarkets has increased by 2.8% to £15.4 billion, the volume of alcohol sold has decreased by 1.5%. This suggests that consumers are opting for more expensive brands or smaller quantities to maintain their alcohol consumption.
Popular beer brands like Carling and Foster’s have experienced significant declines in volume sales, dropping 11.4% and 10.8% respectively. Many consumers are turning to low or no-alcohol alternatives as a more affordable option.
Andrew Eagle, an analyst at NIQ, warns that brands that fail to adapt to changing consumer preferences and economic conditions risk becoming obsolete. He cited the examples of Bacardi Breezer and Reef, which declined in popularity due to a lack of innovation.
As the cost of living crisis persists, it is likely that consumers will continue to seek out more affordable alcohol options or reduce their overall consumption.
