According to a survey conducted in early May 2024, over 80 percent Gen Z and millennial shoppers in the United Kingdom had traded down when purchasing a product in the past three months. In other words, these consumers had bought less valuable or lower-priced items, e.g., by shopping at a lower-priced retailer. In comparison, only just over half of baby boomers and the silent generation had done the same.
Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation
The source phrased the question as follows: "Within the past 3 months, have you done any of the following when purchasing a product (asked across multiple categories)?"
* In five European countries. The exact number of respondents for the UK was not provided by the source.
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McKinsey & Company. (June 21, 2024). Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation [Graph]. In Statista. Retrieved November 18, 2024, from https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/
McKinsey & Company. "Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation." Chart. June 21, 2024. Statista. Accessed November 18, 2024. https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/
McKinsey & Company. (2024). Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation. Statista. Statista Inc.. Accessed: November 18, 2024. https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/
McKinsey & Company. "Share of Consumers Changing Their Shopping Behavior to Trade down in The United Kingdom in 2024, by Generation." Statista, Statista Inc., 21 Jun 2024, https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/
McKinsey & Company, Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation Statista, https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/ (last visited November 18, 2024)
Share of consumers changing their shopping behavior to trade down in the United Kingdom in 2024, by generation [Graph], McKinsey & Company, June 21, 2024. [Online]. Available: https://www.statista.com/statistics/1484353/consumers-changing-their-behavior-to-trade-down-by-generation-uk/
