Four in five shoppers are buying more own-labels than before, Mr Williams revealed, and 85 per cent of those polled said they would stop buying premium-brand food. Shoppers reckon the switch to own-label goods could reduce grocery bills by up to £1,055 a year – just under a third of the average annual spend of £3,500.

Mr Williams said: “Buying supermarket own-brands is an easy and effective way to save some extra pennies without compromising on choice and quality. 

“In fact, own-brands have increased significantly in popularity, with 78 per cent of shoppers buying more than ever before. 

“Long lunches will also be binned as almost three-quarters of people will banish these in favour of back-to-basic packed lunches.” 

Food isn’t the only item facing the axe. A third of households are planning to ditch satellite television subscriptions and a quarter will give hairdressers the chop. 

And one in five is also planning to drop donations to charity.

All that economising leaves just enough for a little something to see us through the bad times. Mr Williams said: “Seventeen per cent of women won’t be scrimping on their beauty products and 15 per cent of blokes refuse to give up their football season tickets to the ‘beautiful game’, no matter how tough the going gets.”