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Future of British Business

Britons Trade Fillet Steaks for Burgers as Living Costs Soar

  • Ocado CEO says consumers are adapting purchases to save money
  • Consumers buy cheaper products, smaller packs, less alcohol

UK shoppers are buying cheaper products, smaller packages and fewer items to save cash and soften the blow from the highest inflation in four decades, said Ocado Group Plc

Chief Executive Officer Tim Steiner, on a call with journalists Thursday, gave the example of consumers buying hamburgers rather than fillet steaks or choosing plain tomato sauce rather than bolognaise. Britons are also buying less alcohol as they venture out to pubs and bars rather than staying at home.