** UK-focused buyside says mkt underestimates boost towallets as slide in oil, lower food prices and fallingunemployment all point to busier times at checkout counters
** Income funds, in particular, looking beyond dividendstalwarts where in some cases payouts look vulnerable or stocksappear richly valued
** Premier AM's head of UK equities Chris White points out bluechips such as GlaxoSmithKline, Vodafone,StanChart & Centrica could see dividendsheading lower in next year or two
** Tesco already cut, muddies outlook for peersSainsbury & WM Morrison
** Income, generally, hard to come by; corporate bondsincreasingly unattractive, e.g. Unilever lastwk issued 750 mln euro 7-yr bond, coupon just 0.5 pct
** Travel food group SSP, cash-and-carry wholesalerBooker & Howden Joinery among consumer-relatedstocks held by Old Mutual UK Equity Income Fund
** Premier AM's White recently bought TUI Travel ;to benefit from merger with German parent & more affluentconsumer, marginal oil boost
** Owns transport co National Express, sees fillipfrom oil price hedges rolling off in 12-18 mths; operates inSpain, where economy is improving, & US$ strength a plus (RM: tricia.wright1.thomsonreuters.com@reuters.net)