Over 50% of SG households change grocery buying habits amidst inflation
More than 40% decreased their budgets, whilst nearly 15% allotted a higher budget for groceries.
More than half of Singapore households have altered their grocery buying habits amidst the accelerating inflation and higher cost of living, a report found.
In a report, conducted by Lazada’s RedMart, results showed that 42% of households have reduced their grocery budgets, whilst 14% allotted a higher budget. The remaining 44% reported no impact on their grocery buying habits.
“Households which lowered their grocery budgets are more prudent in decision-making by buying based on needs, switching to cheaper options and/or house brands,” the report read in part.
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In particular, Lazada found that 74% of Singapore households prefer to buy according to their needs.
Around 50% have decided to switch to house brands, whilst 53% have switched to cheaper brands.
Meanwhile, those that increased their budgets tend to shop more online (25%), compared to those who continue to shop more in-store (23%).
“They exercise prudence by bulk buying for better discounts or switching to frozen meats instead of fresh meats,” the report noted.