0A7Q Readly International Ab (publ)

LONDON, Aug. 16, 2023 /PRNewswire/ -- Inflation is sitting with us at the table with food prices at their highest level in years. Two thirds of Brits believe that current rates of inflation are biting into their food choices and culinary habits according to new research by Readly, the digital magazine and newspaper app. The research shows how people are responding to this economic challenge in the supermarket, in the kitchen and eating out as they compromise between food for taste, health and cost savings.

One in three (35 percent) people are attempting to be thrifty by seeking out offers when it comes to food shopping. Almost half of people (43 percent) said they are choosing low cost brands or alternatives and a third (33 percent) are rarely dining out due to the cost of eating in restaurants and pubs increasing too.

One in five people (19 percent) are putting less meat and fish in their food basket and over one in ten (13 percent) are buying less fruit and vegetables, showed the YouGov research for Readly.

The price of food has become more expensive by 17.4 percent in the UK in the year to June 2023 with prices in restaurants and cafes rising by 9.1% in the same period.

"We are experiencing a phase where many people are reevaluating how and what we eat due to cost, exchanging ideas about special offers and wondering how to keep the joy of cooking alive despite inflationary prices. The Food & Drink category has always been one of the most popular categories among our readers and recipe ideas are in trend all year round. However, meal-preparations and simple family recipes are currently experiencing a whole new high phase due to the increased cost of living, with recipes to recreate your favourite take out food at home trending amongst the most bookmarked. In the Readly app, readers have access to over 430 cooking, baking and food magazines with inspiration for every type of chef," says Chris Couchman, Head of Content at Readly.

Despite the tightening of purse strings, there is a positive trend - in the direction of sustainability: One in three people (29 percent) are eating a veggie lunch or dinner a few times a week and 15 percent are eating it every day. Only one in ten people (9 percent) are eating less organic options due to cost restraints and over a third (37 percent) are making a concerted effort to waste less food. 

When it comes to the lengths Brits would go to save on costs, a quarter of adults (23 percent) are willing to try eating insects as an alternative source of protein with a third (33 percent) of 18-39 year olds up for trying it but only 15 percent of over 60s. The top three dishes people would be willing to try are algae and seaweed as a protein rich substitute (41 percent), an old classic reworked with a sustainable substitute (36 percent) and one in four (25 percent) would try a dish made of lab-grown meat.

With thousands of recipes and food articles on the Readly app, subscribers can access cost saving recipe inspiration wherever they may be and with over 7,500 digital magazines to choose from, there is something for everyone.  Visit www.readly.com for more information.

Research by YouGov for Readly, sample 1003 UK respondents, fieldwork dates: 22-26 March 2023

Reference: Cost of Living insights, Office for National Statistics, June 2023, here: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/costoflivinginsights/food#:~:text=Food%20price%20inflation%20eases%20slightly,the%20year%20to%20June%202023.

For more details contact: kate.tegelaars@readly.com or 07879 818 711

About Readly

Readly is the European category leader for digital magazines. The company offers a digital subscription service where customers have unlimited access to 7500 national and international magazines - all in one app and at a fixed monthly fee. Readly has subscribers in 50 countries and content available in 17 different languages. In collaboration with around 1,200 publishers worldwide, Readly is digitising the newspaper and magazine industry. In 2022, revenues amounted to SEK 592 million. The Readly share is listed on Nasdaq Stockholm. For more information, please visit https//corporate.readly.com. The Allbright Report 2022: For the second year in a row, Readly is on the Green List in The Allbright Report 2022 that monitors gender diversity in the management teams of listed companies in Sweden.  

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