New data has uncovered how Brits’ buying considerations have been impacted by the cost-of-living crisis, with more than 3 in 5 consumers confessing that they now find certain purchases to be a “waste of money” when they didn’t before.
A survey of 2,017 nationally representative Brits was conducted by credit broker, CashLady.com, to lift the lid on how Brits’ attitudes towards spending have changed as a result of the cost of living crisis.
How many Brits believe something is a waste of money now, but didn’t prior to the cost-of-living crisis?
More than 3 in 5 Brits admit that there is at least one purchase which they would now consider to be a waste of money, but didn’t prior to the cost of living crisis.
Millennials (25-34 year olds) appear to have been impacted the most by the cost of living crisis with regards to this criteria, with 75% having changed their attitudes on what is considered a waste of money due to rising costs in the UK.
What have Brits decided is now a waste of money, which wasn’t before the cost-of-living crisis?
Most commonly, Brits admitted that they now believe spending money on branded food and drink, when non-branded is available, is a waste of money now, but didn’t prior to the cost of living crisis.
Brits ranked the top purchases which they didn’t used to consider to be a waste of money, but do now, in the following order:
- Buying branded food and drink products when non-branded is available
- Spending money on the delivery of an item that you could collect
- Buying clothes to wear only once
- Using a taxi service rather than taking the bus or walking
- Spending money on takeaways
- Multiple subscriptions to streaming services
- A gym membership
- Buying clothes from stores when I can buy them second-hand
Where in the UK have spending habits been impacted the most by the cost-of-living crisis?
Those living in Greater London now find certain purchases to be a “waste of money” that they didn’t before the cost of living crisis, more so than any other area of the UK.
Most popular amongst Londoners is the belief that taking a taxi, rather than taking the bus or walking, is a waste of money, with 1 in 5 in agreement. This is approximately 5% more than the national average.
Which demographic’s spending habits have been impacted the least by the cost-of-living crisis?
Over 55’s are the age group who agreed with the statement; ‘nothing is a waste of money now that wasn’t before the cost of living crisis’ more frequently than any other age bracket.
Personal Finance Expert at CashLady.com, Dan Whittaker said, “The cost-of-living crisis has changed many perceptions on the way we spend our money, and equally what we feel we may have wasted our money on in the past.”
“We found that the majority of Brits believe that there is at least one purchase that they consider is a waste of money now that wasn’t before the cost-of-living crisis, with buying branded food and drink, when non-branded is available, seen as the biggest waste of money, comparatively.”
“If you feel you’ve wasted money, we would recommend re-assessing your outgoings so that you can put steps in place to better meet your short or long term financial goals.”