In a new study based on a nationally representative sample of 2,462 respondents, Future Plc’s research platform, The Lens, has found that the cost of living crisis is now the number one concern for UK consumers. Four in five said that they have already begun to change their spending habits because of the country’s economic situation, with just 5% of respondents not expecting to make any cutbacks at all this year.
Amongst the findings:
- 88% of UK consumers say that they are now concerned or very concerned about the current economic climate
- 47% are choosing not to eat and drink out in social settings
- 43% say they are planning to use savings to maintain their current lifestyle
- 38% are cutting entertainment subscriptions
- 29% are putting planned holidays on hold
The analysis reveals that the cost of living crisis is now consumer’s number one concern, having surpassed the coronavirus pandemic, which now sits in eighth, with issues surrounding family health, the future of the NHS, and the war in Ukraine weighing on people’s minds. While 60% of the British public say they have savings remaining from lockdown, 43% are planning to use those savings to maintain their current lifestyle amidst the cost of living crisis.
Despite current concerns, 61% remain quietly optimistic that their spending habits will return to normal again at some point, with 91% intending to take in part Black Friday in November and 45% determined to make Christmas bigger and better than ever – just 20% intend to cut their festive budgets this year.
“Christmas and Black Friday are two strong anchor points in the calendar that seem increasingly non-negotiable in terms of engagement,” said Clare Dove, UK Group Commercial Director at Future Plc. “Our research shows however, that Brits will spend wisely during this time, carefully calculating their savings accumulated in lockdown, making pragmatic decisions to alter their lifestyles and seeking out valuable advice through content online to get the best deals.”
You can find out more about the Future here.
[Main image: Shutterstock.com/RMBProductions]