March 2023
Featured in this insight: Financial services, Retail
More than half of UK consumers are buying clothing and accessories less frequently due to cost of living crisis: A survey of 1,600 UK citizens conducted by this company, DJS Research, has revealed the extent of the impact of the 'cost of living crisis' on households in the UK. The research, which was carried out via our in-house panel, Opinion Exchange, looked at how rising inflation and increased costs of goods and services is impacting consumers, and what they are doing to manage the effects.
Looking at the retail sector, the survey found that consumers are making cut backs in certain areas, with more than half of those polled saying they are buying clothes and accessories less frequently (54%). It also found that consumers are spending less on personal care items and beauty products (40%), while around a third said they were spending less on electronics and appliances (34%).
When it comes to grocery shopping, four in ten respondents said they are cutting back at the supermarket, adding fewer items to their baskets (42%), with more than half choosing less expensive own brand items rather than their usual branded products and groceries (53%).
The impact of the current crisis is also affecting how frequently consumers participate in the arts, with almost two in four saying they have reduced the frequency of cinema visits (38%) and the number of concerts they attend (30%).
When asked to what extent are they being impacted by the cost of living crisis, more than four in ten households (42%) reported being 'greatly affected', with a further 55% stating they too are slightly or moderately affected. The research also revealed that it is Millennials who are the generation being affected most significantly by the cost of living crisis.
View more of our sector specific insights: Financial services, Retail
