Shoppers cutting back on non-essentials to manage rising costs

Nearly two-thirds of Brits are cutting back on non-essential items to cope with rising living costs.

According to the Office for National Statistics (ONS), 63% are spending less on luxuries and optional goods because of increases in the cost of living.

Notably, this was widespread across all age groups.

Figures showed that 67% of 16 to 29-year-olds are spending less on non-essentials, along with:

• 69% of 30 to 49-year-olds
• 60% of 50 to 69-year-olds
• 50% of people aged 70 or above

More people shopping around

At the same time, the cost-of-living crisis has made people less brand-loyal.

More than four in ten (42%) were found to be shopping around more to manage growing living costs.

Other steps people are taking include:

• using less gas and electricity at home - 41%
• spending less on food shopping and essentials - 40%
• dipping into savings - 30%
• cutting back on non-essential drives - 27%
• making energy efficiency improvements at home - 19%
• using credit more than usual, such as credit cards, loans or overdrafts - 14%

Cost of living has gone up in the last month

ONS figures showed that for 59% of Brits, their cost of living is higher now than it was a month ago.

More than nine in ten people (93%) said they’d seen the cost of their food shop go up during this time, while over three-quarters (76%) said their gas or electricity bills have increased.

Others noted increases in the cost of:

• fuel - 52%
• public transport - 20%
• rent or mortgage costs - 16%
• childcare and other care costs - 6%

Help is available

If you’re struggling with your money, it’s always best to ask for help rather than stay quiet.

We’re here to offer you impartial, practical advice, so you can get on the front foot financially.

We can help you with:

• finding out what benefits you’re entitled to
• working out a household budget
• finding the right debt solutions