Globally, the cost of living has gone up, creating financial hardship for many. In the last year, food prices in the US increased by more than 9 percent, in the UK prices increased by more than 16 percent, and there was a 6 percent increase in China. Clearly, there are many underlying reasons for the increase in food prices, including the pandemic, the war in Ukraine, extreme weather conditions, and rising wages for workers.

Unsurprisingly, the increase in food costs means that people are looking for ways to cut down on the amount of money they spend on groceries. This may not always be easy as consumers are faced with special offers and discounts that are tempting. As much as 50 percent of groceries are bought because of impulsivity, and discounts often help facilitate spontaneous shopping behaviours.

Consumers are also more prone to fall for promotions when they feel stressed over financial worries. It is a well-known fact that stress can negatively affect the decisions people make, such as consumers being prepared to take risks that they would not be willing to take if they were not under pressure. Such risks are often misguided by price. Clearly, people are driven by price when they are under financial pressure, and this can mean that they choose to purchase products that are cheaper. However, buying food just because it is cheaper can lead to food items not being consumed. Perhaps you buy a cereal brand that you don’t normally buy and because it is less tasty it ends up sitting on the shelf until the content goes stale and it ends up in the bin. Thus, costing people more rather than less.

Five simple tips to avoid unnecessary spending

If you follow the above recommendations, you have a pretty good chance of making your shopping trip cheaper.

QOSHE - How to Shop Sensibly at a Time of Financial Difficulty - Cathrine Jansson-Boyd Ph.d
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How to Shop Sensibly at a Time of Financial Difficulty

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23.03.2023

Globally, the cost of living has gone up, creating financial hardship for many. In the last year, food prices in the US increased by more than 9 percent, in the UK prices increased by more than 16 percent, and there was a 6 percent increase in China. Clearly, there are many underlying reasons for the increase in food prices, including the pandemic, the war in Ukraine, extreme weather conditions, and rising wages for........

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