Cost of living crisis | Reports | Crispin Boon
For the last 11 months, the news has been filled with reports about the ever-increasing prices in supermarkets, skyrocketing fuel costs and soaring inflation. Shoppers have begun to create new shopping habits to manage their financial pressures, with the cost-of-living crisis (COLC) arguably becoming a way of life now.
There are clear concerns about the financial future of the UK. And despite the government support positively impacting people’s ability to meet the cost of their bills, people are still making cuts to their spending with 85% of people feeling like they have less disposable income up from 81% in August.
In the second of our cost-of-living reports, we outline how consumers’ spending and sentiment have changed.
Key Headlines:
• Government assistance has shifted our priorities and concerns: 38% of people are struggling to meet the costs of their household bills – down from 45% in August
• There are mixed fortunes in the hospitality sector: Compared to August 13% more people are cutting back on takeaways to save money. Whilst coffee shops have seen 5% fewer people choosing to cut back spending there.
• We have learnt to adapt our shopping behaviour: Discounters remain vital to how people are coping with price rises, however, shoppers are more and more turning to promotions (41%), own-brand products (44%) and the reduced price section (41%)
• As essentials become more expensive sustainability continues to suffer: 44% of people are pessimistic about efforts to tackle climate change up from 37% in August.