Retailer Morrisons reported that its profits in the first half of the year rose by 19% to £295 million. Shoppers, who are faced with rising utility bills and higher mortgage repayments, are seeing a reduction in their spending power and are hence switching from more expensive products such as premium branded and organic products to more basic value for money products to reduce their shopping bills. Morrisons, who reduced prices on several everyday items to 50p, believe they have attracted about half a million new customers from their rivals by offering them bargains.
Interestingly, the Times reported that sales of Tupperware lunchboxes, sandwich bags and aluminium foil rose by 40%, 34% and 27% respectively at retailer Sainsburys, but the Thermos flask was clearly the winner seeing its sales double as compared to last year. This shows a clear shift and increase in the number of people who prefer to prepare their own lunch at home rather than spending, what seems like a fortune in these circumstances, on food and drink outside. It seems that shoppers are beginning to scrutinise whats in their shopping basket and making sure they only buy what is needed and that its value for money.
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