The data published by Barclays earlier this week (11 April) showed that last month, grocery spending decreased by 0.5%, while spending on TV subscriptions increased by 4.1%.

The reduction in grocery spending aligns with the fact 88% of shoppers in Barclays survey said they were concerned about the impact of rising food prices on their household finances, and more than six in 10 (62%) were finding ways to reduce the cost of their weekly shop.

As rising household bills continue to bite, Barclays states that over half (54%) of consumers said they are cutting down on discretionary spending, especially eating out at restaurants (62%) and new clothes and accessories (63%).

The high street bank adds this comes as restaurants saw a noticeable drop of -5.6%, while clothing stores saw their steepest year-on-year decline in six months (-3.4%).

As rising household bills continue to bite, Barclays adds that over half (54%) of consumers said they are cutting down on discretionary spending, especially eating out at restaurants (62%) and new clothes and accessories (63%). This comes as restaurants saw a noticeable drop of -5.6 per cent, while clothing stores saw their steepest year-on-year decline in six months (-3.4%).

Esme Harwood, director at Barclays, explained: “The below-inflation rise in grocery spending shows that Brits are still trying their hardest to shave money off their weekly shop, as energy bills continue to rise. Cutbacks are also impacting restaurants, with a number of cash-strapped consumers even avoiding social plans that involve meals out.

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By GlobalData

Earlier this week, the British Retail Consortium reported a 5.1% increase in UK retail sales during March compared to 3.1% in March 2022.