Pricey products: consumers ‘out’ most overpriced items

Cinema popcorn, smart phones, and alcohol are among the top items British consumers deem to be the most overpriced, according to a new report. VoucherCodes has published its Overpriced Index, which details the products and services UK consumers believe to have the most over-inflated prices. The full report also looks at the impact ‘the pink tax’, Brexit, Coronavirus, and gentrification have had on the cost of living and the overall price of certain products.

Despite cinemas being closed for over a year, popcorn purchased at the silver screen tops the list of the most overly expensive products. Other cinema treats such as hot dogs, drinks and sweets, are second on the list followed closely by convenience drinks and snacks from a hotel mini bar.

The top 10 overpriced products according to consumers

The data also shows that although men and women are generally in agreement on the most overpriced goods there are a few items where opinions differ. Men are more likely to think the price of alcohol is inflated with 37 per cent agreeing, in comparison to only 31 per cent of women. On the other hand, women are more likely to say the price of sanitary towels is inflated, with over a third (34 per cent) stating this – only 14 per cent of men agree.

Consumers also agree that certain services charge too much. Nearly two in five (39 per cent) people feel black cabs, taxis, and utilities such as gas and electricity are overly expensive. This is followed by long-distance flights and mobile phone contracts, both at 30 per cent.

Influences such as ‘the pink tax’, gentrification and Brexit have all had an impact on how consumers view the price of goods and services.

Before Brexit came into place on 31^st December 2020, more than two-thirds of Brits (67 per cent) were concerned about potential price hikes. Since the UK left the EU, just over half (56 per cent) say they have noticed prices going up.  The most common goods and services Brits have noticed a rise in price for since Brexit include fruit (21 per cent), delivery fees (20 per cent), customs charges (18 per cent), meat (18 per cent), and cheese (17 per cent).

Residents of Belfast are seeing the effects of Brexit more than anyone else in the UK, with nearly three quarters (70 per cent) saying they have noticed price increases in certain products and services since 31^st Dec 2020. Following closely behind are those in Scotland who also feel they have been negatively affected, with people in Edinburgh and Glasgow reporting rising costs at 63 per cent and 61 per cent respectively.

On the other hand, nearly one in five (18 per cent) Brits have seen a price decrease in certain products and services thanks to Brexit. Brummies’ are most likely to notice this price dip with nearly a third (28 per cent) of residents saying so, followed closely by those in Newcastle (24 per cent) and London (24 per cent).

To avoid paying over the odds, millennials are the age group most likely to spend time researching where an item comes from before taking the plunge, with over two in five (41 per cent) admitting they scope out costs before buying. In comparison, those aged between 18 and 24 are least likely to be concerned by increased costs with only 29 per cent of people researching before they buy.

Anita Naik lifestyle editor at VoucherCodes commented: “It’s natural that the cost of goods and services will fluctuate over time, however, it’s interesting to see the items Brits feel are notoriously overpriced. There are many everyday factors that impact our spending, but larger influences such as Brexit, ‘the pink tax’ and the pandemic have led to increases in prices of our favourite products.

“The top items Brits deem to be the most overly expensive are products we buy out of convenience, such as cinema popcorn, drinks and sweets and even drinks and snacks from hotel mini bars.