Britons are starting to turn to energy-saving products such as air fryers and slow cookers to counter the cost of living crisis, according to supermarket chain Asda.
In its monthly Asda Income Tracker for September, the company reported a 320 per cent increase in air fryer sales year on year, while slow cooker sales more than doubled – both of which use less energy than traditional ovens.
The findings are consistent with data from market researcher Kantar released earlier this month.
According to Asda’s data, which was compiled by the Centre for Economics and Business Research (CEBR), UK families were 141 pounds ($163) worse off in September compared to the previous year, owing primarily to rising utility bills, with gas prices rising 95.7 per cent and electricity prices rising 54 per cent.
UK consumers have been cutting back on spending as inflation has reached 10 per cent, and they now face a tighter squeeze in 2023 after finance minister Jeremy Hunt said he would scrap tax cuts proposed by former Prime Minister Liz Truss.
According to Asda, the outlook for household income is highly dependent on the government’s reaction to rising energy prices.
Hunt announced earlier this month that the government’s energy assistance scheme for households, which it had previously committed to for two years, would be reviewed beginning in April 2023.
Mohsin and Zuber Issa, as well as the private equity firm TDR Capital, own Asda.
(Adapted from BBC.com)
Categories: Economy & Finance, Geopolitics, Regulations & Legal, Sustainability
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