Reflecting changes in consumer habits and cultural shifts, the Office for National Statistics has updated the UK’s inflation basket, adding vinyl records and air fryers while removing Guinness and hand sanitiser.
The Office for National Statistics (ONS) has made significant updates to the UK’s inflation basket, reflecting evolving consumer habits and cultural shifts. Guinness and hand sanitiser have been removed from the list, while vinyl records and air fryers have been added, marking the changing landscape of consumer spending.
Vinyl records, experiencing a resurgence after a 32-year absence from the inflation basket, have been reintroduced due to a boom in sales, with 5.9 million units sold in 2023, the highest since 1990. This vinyl revival is partly attributed to high-profile releases, such as Taylor Swift’s album ‘1989 (Taylor’s Version)’. The ONS notes this change as indicative of broader market trends, including a cultural shift towards retro technology and the physical format’s tactile appeal even in a streaming-dominated music industry.
Air fryers have also been added to the basket, a response to the energy crisis and a growing preference for energy-efficient cooking appliances amidst rising energy bills. This addition points to consumer trends towards healthier living and energy conservation.
Other new entries include gluten-free bread, rice cakes, and sunflower seeds, suggesting a shift towards healthier diet choices among UK consumers. In contrast, items like hand sanitiser, reflective of the pandemic’s now-diminishing impact on shopping habits, and sofa beds have been removed.
The ONS updates its inflation basket annually to accurately reflect consumer spending patterns, encompassing over 740 goods and services. Matt Corder, ONS deputy director for prices, highlighted that these changes offer insights into how consumer behavior, technological advancements, and cultural trends impact the economy.
This year’s adjustments emphasize the significance of cultural revivals, such as the return of vinyl, and shifts towards sustainability and health in consumer products. Despite changes in the basket, the ONS aims to provide a detailed representation of evolving market dynamics and consumer preferences in the UK.
