31 August 2023 , 11:13
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Utilities (39%), groceries (36%), and cars (23%) are some of the top products and services – that frustrated Brits feel offer the worst value for money, research has found.
A poll of 2,000 adults found that 17% feel ripped-off by mobile phone contracts, while 16% have had enough of cost increases when dining out. TV and broadband providers are other top culprits marking up their prices with little to show for it.
Meanwhile, a whopping 86% feel they are getting less for their money on pre-packaged items in shops – as items like chocolate bars (37%) shrink in size, but not in price.
And three in ten consumers (31%) have purchased a packet of crisps – only to open it and find that the bag contains “mostly air”.
The research, commissioned by mobile phone provider, SMARTY mobile, also studied what you could have bought 15 years ago with just £15 – compared to how far that money would stretch today.
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Items such as a can of Coca-Cola, or a pint of milk, have more than doubled in price since 2008 – with £15 bagging you 33 cans of Coke, and nearly 36 pint-sized cartons of milk back then, compared to just 15 cans, and 14 pints, today.
And the cost of a Coca-Cola can has more than doubled since 2008, from 45p to 95p (SWNS)Meanwhile, even tickets to the National Lottery aren't exempt, with an entry doubling in price from £1 to £2 between 2008 and now.
Additionally, a Mega Millions rule change in 2017 also led to bigger jackpots for winners – but reduced the odds of winning in the first place.
But the product that has most swelled in price in the last 15 years is a portion of fish and chips – costing just £2.43 back in 2008, compared to a whopping £9 today.
This means that, while £15 could buy you just one portion today, a decade and a half ago this would have stretched to six portions – more than enough to feed a family.
Elin McLean, general manager of SMARTY, which has introduced their new SIM plans, including 150GB of data for just £15, said: “We live in an era of shrinkflation and rising costs, and £15 doesn’t go nearly as far as it used to.
“Everything from the cost of milk through to lotto tickets has increased in price compared to 15 years ago. We are constantly reviewing our plans to give more to our customers – increasing the value of our offering, and not the price.”
Consequently, the research revealed that 82% believe too many brands are taking their customers for granted – and 86% think they should be doing more to support buyers at this time, not less.
And 15% have even noticed a total wipeout – as their toilet rolls seem to be shrinking in size, according to the OnePoll.com figures.
Half of Londoners (50%) even claim they have stopped using goods or services in the last 12 months due to price rises or getting less value for money.
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And it was also Londoners coming out top (38%) in terms of having less disposable income now than they’ve ever had before – with millennials topping the table (38%) for the same thing.
However, with energy bills expected to fall in October, they’ll be hoping to see some improvement in their financial circumstances.
WHAT THINGS COST 15 YEARS AGO – COMPARED TO NOW:
- A cinema ticket – £7.66, compared to £10.75 today
- A dozen eggs – £2.47, compared to £3.26 today
- Fish and chips – £2.43 a portion, compared to £9 a portion today
- A pint of beer – £2.30, compared to £4.21 today
- Petrol – 103.9 a litre, compared to 138.9 a litre today
- A lottery ticket – £1, compared to £2 today
- A pound of bananas – 88p, compared to £1.01 today
- A 1kg bag of sugar – 85p, compared to £1.11 today
- A can of Coca-Cola – 45p, compared to 95p today
- A pint of milk – 42p, compared to £1.05 today