Consumer trust and concerns in November 2024
Summary
- Consumer trust in the energy sector fell for the first time in two years, reaching -1. Similarly, trust in the food/groceries and insurance sectors fell, although to a lesser extent. Outside these sectors trust levels remained very consistent to the last quarter.
- This month 83% of consumers said they were worried about energy prices and eight in 10 said they worried about food prices (80%).
- A high proportion of consumers are still making energy saving habits. Six in 10 consumers reported putting on the heating less (61%) and half reported using household appliances less (52%).
Trust in the energy sector has fallen for the first time in two years
Consumers’ trust in the energy sector fell in the last quarter with net trust (% of those who say they trust a sector to act in their best interest - % who don’t trust) reaching -1, down from +5 in August. This is the first time we have observed a fall in trust in the sector since August 2022, when the price of electricity rose rapidly. The latest 10% increase in the energy price cap likely contributed to this fall in trust.
Trust in the food/groceries and insurance sectors also fell this quarter, although to a lesser extent. Trust in insurance companies fell by five points -21, the same level as May this year. This is calculated from a fifth of consumers (21%) saying they trust insurance companies to act in their best interest and 42% saying they don’t trust them. Trust in food/grocery companies is much higher at +40 this quarter, although down three points from three months ago (+43).
Outside these sectors trust levels remained very consistent to the last quarter.
Consumer trust in most sectors remained unchanged
Source: Which? Consumer Insight Tracker Online Poll weighted to be nationally representative, approx 2,000 respondents per wave. Net trust is the proportion of consumers who say they trust a sector to act in their best interest quite a lot or a great deal minus the proportion who say they don’t trust a sector very much or at all.
Consumer worry about energy and food prices rises slightly
Coinciding with the small decline in trust in the food and energy sectors were slight increases in consumers' concern about prices. This month 83% of consumers said they were worried about energy prices and eight in 10 said they worried about food prices (80%). This is an increase of three and two percentage points respectively when compared to August. While these levels are still significantly down from the height of the cost of living crisis, they remain much higher than pre-cost of living levels.
Small increases in worry about energy and food prices
Approximately 2,000 respondents per wave. UK level data are weighted to represent the adult population of the UK by age, gender, region, social grade, working status and housing tenure. Respondents had the option to select not applicable if they felt that consumer issue did not apply to them. If they selected not applicable they are not included in the proportion.
A high proportion of consumers are still making energy saving habits
With the rise in the energy price cap and winter months approaching we asked consumers whether increased energy prices had led them to taking any actions to reduce their energy costs. Six in 10 consumers reported putting on the heating less (61%), half reported using household appliances less (52%) and 29% said they have used less hot water. One in 10 consumers said they have had fewer cooked meals as a result of increased energy prices (10%).
While these figures are significantly down from levels in November 2022, for example when 71% of consumers reported putting on the heating less, they remain very high and show that many consumers are trying to cut their energy consumption, with some taking more drastic actions.
More encouragingly, we have seen a small increase in those saying they have shopped around for a better energy deal (21% in November 2022 to 25%) and those reporting installing a smart meter as a result of increased prices (13% in November 2022 to 15%).
Consumers continue to take actions as a result of increased energy prices
Source: Which? Consumer Insight Tracker. Question: Have increased energy prices led you to do any of the following to reduce the cost of your home energy? Bases: UK adults - November 2024 (2,068), November 2022 (2,064).
Summary
Data this quarter shows a small decline in trust in the energy and food sectors. Coinciding with this was a small increase in the number of consumers reporting concern about energy and food prices. With households now turning on the heating for the winter period, many are taking steps to reduce their energy cost as a result of increased prices.
Methodology
The fieldwork was conducted by Yonder on behalf of Which between the 8th and 10th of November 2024. A sample of 2,068 UK adults were surveyed online and weighted to be nationally representative.