Cash-strapped shoppers shun bulk-buy deals
The Bank's report; Agents' Summary of Business Conditions, said retailers were increasingly finding multi-buy deals such as 'buy-one-get-one-free' less effective.
Shoppers have become increasingly suspicious of supermarket deals, placing emphasis instead on cost cutting and reducing food waste.
The report said families remain 'focused on value for money', with discount shops and cheap online options enjoying a booming trade. It said: 'Some retailers suggest that multi-buy promotions were becoming less effective. [This is] perhaps because consumers had become more focused on containing spending, or reducing waste.'
For instance, a 'bigger value' three-tin pack of Princes tuna for £5.68 was found to be nearly £1 more expensive than buying three individual tins. So those consumers who don't spend time working out the cheapest options often find themselves penalised.
The Bank's report also highlighted a number of other ways that families are trying to cut back; including shorter holidays 'spent closer to home'. It said higher prices for essentials had 'squeezed the amount of income left for more discretionary services, causing a decline in spending on a range of leisure activities'.