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BRITONS CUT FOOD BUDGETS DESPITE SOARING FOOD COSTS

One in four British adults will cut their food budgets in order to save money as their spending power declines, giving the first indication of the health impact of the credit crunch, according to new research from Savebuckets.com.

Alarmingly the research suggests that people struggling to make ends meet will cut back on food instead of less essential items such as weekends away and hobbies. The findings come at a time when rising food prices* suggest that people should in fact be spending more, not less on food in order to maintain a healthy diet.

In order to understand the sacrifices facing Britons as costs of living rise, the online savings site Savebuckets.com, polled over 2,000 British adults to reveal the first cut backs Britons will be making to save money in the year ahead.

24 per cent of British adults said that one of the first cutbacks they would make to save money would be on their food budget.

25 to 44 year olds are the most likely to be cutting back on spending on food (31%), suggesting that it is the eating habits of young families that are likely to suffer the most from the effects of the credit crunch. Furthermore, despite growing concerns over the health impacts of drinking**, Britons aged 25 to 44 are 22 per cent more likely to cut spending on food than they are on alcohol (31% compared to 24%).

The Welsh are by far the most likely to cut spending on food (35%) compared to people in the North East (19%) and London (20%) who are least likely reduce their food budget as a result of the credit crunch.

Top Ten Cutbacks Britons Will Make to Save Money

Further Findings

• Socialising Taking a Down-Turn: Cutting back on meals out is the number one tactic employed by Brits to beat the credit crunch (43%), followed by reducing the amount spent on going out and socialising (37%). As spending on going out drops, one in four Britons (26%) says that they will cut back on money spent on alcohol. Young people, aged between 18 and 24, are the most likely to be cutting the costs of drinking (39%).
• Generosity on Gifts Cut: One in five Britons puts spending less on gifts/presents at the top of their money-saving agenda (22%), suggesting that it’s not just less fun-time Britons will be spending with friends, but that they will also be spending less on them.
• Forgoing Luxuries: Luxuries such as spending on clothes and shoes are also set to take a hit in the year ahead, 40 per cent of Britons cutting back on spending on shoes and clothes.

Marc Ames, Marketing Manager of Savebuckets.com commented: “Our research has shown that one in four people are worried about making ends meet as the credit crunch bites. Rather than cutting back on important expenditure, such as food budgets, there are many simple ways that people can save money without impacting their family’s health. For example, by shopping online at Savebuckets.com for gifts, luxuries and household items, Britons could save up to 50% on the most popular items. “Savebuckets.com helps people take control of their spending. By saving money on regular purchases such as gifts, Britons can continue to afford everyday essentials.”

To save online visit www.savebuckets.com

For more information or to speak to a spokesperson from Savebuckets.com, please contact:

Jo Winser / Guy Bellamy - FD Consumer Dynamics

jo.winser@fd.com or 020 7269 7236

Marc Ames - Savebuckets.com

marc.ames@savebuckets.com

Notes to Editors

* Daily Mail, 15^th April 2008, http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=559724&in_page_id=1770&ct=5

** BBC Online, 21^st April 2008; http://news.bbc.co.uk/1/hi/health/7254933.stm

Research was conducted on behalf of Savebuckets.com between 17^th and 19^th March 2008 by YouGov amongst a GB representative sample of 2,071adults.

Savebuckets.com is a free to use online comparison shopping service, which will helps shoppers to find the product they want at the price they want.

The site currently searches around one million products from a wide range of shops, including high street brands and lesser known online shopping sites.

Savebuckets.com also includes a ‘My Price’ function which notifies shoppers by email when the price of the item they are searching for drops to within their budget.

Savebuckets.com is the trading name of Save Buckets Limited, a registered company in England and Wales.