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Product category: Banking / credit / debt
News Release from: Alliance & Leicester | Subject: Banking
Edited by the Insidemoneytalk Editorial Team on 15 October 2007

Brits - use your loaf and save at least
?16 million says Alliance and Leicester
Savings

Over 27 million Brits don't shop around for basic items

Brits usually love a bargain but it seems almost 16 million1 (36%) of us are going against the grain by paying over the odds for basic household provisions Research* from Alliance and Leicester Savings reveals that 27 million people (62%)2 don't shop around for their groceries

This contrasts with the 3% (1,326,000)3 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 and 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 million4 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.5 Ross Dalzell, Manager for Savings at Alliance and 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%)6 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 £4,7007 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 so8.

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.".

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