New figures reveal a rise in bulk buying
Research carried out by Co-operatives UK, the national trade body for co-operative enterprises, showed that a quarter of people in the UK buy in bulk with others and this is set to rise by 20% in 2011.
The research shows that the younger generation is leading the way when it comes to buying in bulk and sharing – with 31% of 18-24 year olds regularly buying in bulk with others in 2010 and 39% saying that they would buy more items in bulk with others to reduce costs in 2011.
Commenting on these figures, Ed Mayo, Secretary General of Co-operatives UK, said: “With job insecurity and higher bills, the most acute squeeze in the economy is arguably for young people. Co-operative buying, whether informal with friends, student food co-operatives or new forms of crowd-sourcing online, is a growing trend among young people and a good way to make your money go further.”
Co-operatives UK said that the figures indicate that the government’s consumer empowerment strategy Better Choices, Better Deals was right to set out plans to support co-operation and collective purchasing by consumers.
To help encourage collective purchasing, the government strategy outlines plans for Co-operatives UK and the Department for Business, Innovation and Skills (BIS) to pilot an Innovation Prize. In line with new work on innovative models of collaboration, the prize is intended to stimulate enterprise and promote shared learning.
The pilot prize fund, of up to £30,000, will encourage entrants that build communities by helping people to take part in collective purchasing.
Ed Mayo said: “We welcome the growing interest in collective purchasing, from both government and from consumers. We are pleased to be working with BIS to launch the Innovation Prize. The best way to empower consumers is to enable them to come together co-operatively.”
The research was conducted by YouGov on behalf of Co-operatives UK.
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