Why are consumers cutting back on alcohol? – Corpradar

Why are consumers cutting back on alcohol?

Around 50 percent of UK consumers plan to cut back on alcohol due to financial pressures, according to new figures.
According to research by British drinks brand Gunner Cocktails, the cost of living crisis is likely to be “a difficult period for many UK drinks brands, with consumer confidence still at historic lows.”

Although about half of the consumers want to reduce their consumption. Almost 52 percent said they prefer more “premium” products over quantity.
61% said that buying UK-made products was important to them as more consumers want to “support British businesses” during the cost of living crisis. Dannie McDonald, chief executive of Gunner Cocktails

According to research, “buying British not only provides a vital lifeline to an industry in a difficult economic climate, but it can also help grow a brand’s consumer base by attracting a new segment of consumers who are aware of the brands with which they associate.”. The survey of Gunner’s Consumer Drinks Wishlist was conducted from November 2022 to January 2023. The study surveyed 300 consumers from across the UK.

Recession warning

Andrew Goodwin, the chief UK economist at consultancy Oxford Economics, said the record low was “a natural consequence of a sharp rise in inflation and rising personal taxes.”
“Consumers are now seeing what the rise in the energy price cap, the rise in National Insurance Contributions (NICs), and the freeze on income tax credits and thresholds will mean for their finances,” he told sources.
The Britons were hit by rising energy, fuel, and food prices, which pushed inflation to in April, the rate reached a ten-year high of 9%.
The British Chambers of Commerce (BCC) added an emergency budget to the requests and said they wanted national insurance for businesses to be reduced from 15.05 percent to 13.8 percent, the same as last year.
A separate survey of 1,100 UK employers found that four out of five were adversely affected by the tax rise, forcing some businesses to raise prices.

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