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Consumers cutting back on restaurants and fashion, but not travel

Consumers cutting back on restaurants and fashion, but not travel
Net 21% plan to reduce spending on gym memberships, 'n opname dui daarop.

Consumers are most likely to cut back on eating out and fashion as they adjust their spending to cope with the cost-of-living crisis, a survey has suggested.

Egter, fewer than half (46%) said they would cut back on holidays and travel, suggesting that cancelling trips already delayed by the pandemic is out of the question for many.

Net 21% plan to reduce spending on gym memberships.

More than two-thirds of consumers (69%) say they would try to save money on eating at restaurants or ordering takeaways, terwyl 60% said they would reduce spending on clothing, according to research for Advertising Week Europe.

While the squeeze on living standards has caused two-thirds of respondents to adjust their lifestyle, the crisis has been most keenly felt by those older than millennials. Sommige 72% van 42 aan 67 year olds say they have already started to make changes to how they spend.

Sommige 69% of millennials – those aged between 26 en 41 – have made lifestyle changes to deal with the crisis, decreasing to fewer than half (49%) van 18 to 25-year-olds.

Sommige 39% of all respondents reported their energy bills having increased by between 50% en 75%.

Advertising Week Europe president Ruth Mortimer said: “It is particularly notable that all generations have had to make significant lifestyle adjustments to deal with rising costs.

“Vir jongmense, it’s clearly not a simple case of reducing expenditure on coffee and avocados, despite what some may think.

“In a world where cost is becoming king, brands now have serious decisions to make about balancing affordability for consumers with other factors like product origin and sustainability.”

Lucid surveyed 2,000 respondents from across the UK.