TWC Trends research conducted in June 2022 found that over half of consumers are having to reduce their spending to pay their bills.
Younger consumers were particularly likely to be affected, whilst older consumers were more likely to have a positive outlook and be in a position where they can afford to socialise freely.
The research found that consumers are adopting many tactics to manage their overall spend – most notably buying fewer treats and trading down the groceries that they buy. Many are also using cheaper stores more and this is seen in increased usage of discounters.
Consumers are also changing their behaviour to manage their eating out spend, by reducing frequency and/or reducing their spend, for example by choosing cheaper outlets, having fewer courses or not drinking alcohol out of home.