British consumers are delaying their Christmas shopping as grocery price inflation in the UK hits a new record, according to new research.
According to the latest data from research firm Kantar, four-week grocery price inflation has reached 14.7 percent, the highest since the firm began to record the data in 2008.
The firm said that take-home grocery sales rose by 5.2 percent in the 12 weeks to Oct. 30, 2022, the fastest rate of market growth since April 2021.
Under increased financial pressure, fewer people stocked the cupboards for Christmas in October, preferring to wait until later in the year.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “This time last year 2 million consumers had already bought their festive Christmas pudding. We’ve seen 32 percent fewer shoppers doing that this time around, suggesting people are not trying to spread the cost of their purchasing—at least not in October.”…