Use your loaf and save at least £16m says Alliance & Leicester

Brits usually love a bargain but it seems almost 16 million (36%) of us are going against the grain by paying over the odds for basic household provisions.

Research from Alliance & Leicester Savings reveals that 27 million people (62%) don’t shop around for their groceries. This contrasts with the 3% (1,326,000) who say they would not bother to shop around for a holiday flight, or electrical goods. Yet, despite common perception there is scope to make decent savings on everyday shopping.

The Alliance & Leicester research found that shoppers across the country are prepared to pay over twice the average price in some cases for a selection of every day items, adding unnecessary millions to the nation’s shopping bills. In fact, collectively, we are prepared to pay over £16 million more than we need to for just one loaf of bread, a pint of milk, six eggs and a pack of 4 toilet rolls. Over 34 million UK adults (78%) said they are prepared to pay much more than they need to for a loaf of wholemeal bread and over 20 million (47%) are prepared to cough up more than the necessary for a pint of milk.

Ross Dalzell, Manager for Savings at Alliance & Leicester, said: “We’ve taken just four basic items from a typical shopping basket to show how much money we are throwing down the drain each week, simply by not shopping around and making sure we’re paying a fair price. Whether you go to Iceland or Waitrose, as a nation we could be shaving millions off our shopping bills just by knowing how much we should be paying.”

Eleven million (26%) of us say we ‘can’t be bothered’ to shop around for grocery items but with the average annual shopping bill coming in at around £4,700 for a family of four, it seems unlikely that most households would turn down the opportunity to see this total come down. However, more than half of respondents (51%) said they don’t shop around for grocery items as they believe there isn’t much difference in cost and almost half (43%) just shop where it is convenient.

Ross Dalzell continued: “When it came to bigger ticket items like a new car, digital camera or holiday flights, the resounding response was in favour of shopping around, with just a few per cent saying that they wouldn’t do so. There’s clearly still a mismatch for people when it comes to thinking about spending large amounts of cash in one go and making smaller purchases on a regular basis.

“It’s a common misconception that some people can’t save anything: anyone and everyone can make some savings, even if it’s simply by making sure you pay a reasonable price for the basics in your weekly shop. Saving even a small amount is an achievement and well worth it. The savings you make could even be put towards your next holiday, or a long awaited day out for the family.”