How the Cost of Living Crisis has Impacted Consumer Buying Habits

Heart of Britain - Consumer buying habits during the cost of living crisis.

Black and white photo of a group of people looking to camera
(Image credit: Future)

Despite 71% of Heart of Britain ranking the Cost of Living crisis as one of their three top concerns right now (UK AVE 57%) they remain stoically optimistic. Only 1 in 3 (31% in the UK) are expecting to cut back their spending on non-essential retail goods permanently.

A graph showing the percentage of Heart of Britain audience willing to make cutbacks

(Image credit: Future)

In order to traverse the crisis, they will be choosing the compromises that have the least impact on those around them, with their selfless nature coming to the fore.

A graph showing the percentage of HoB audience willing to make cuts on non-essential treats.

(Image credit: Future)

56% have recently or would consider cutting back on non essential treats for themselves to make savings. They are 50% more likely to do so than the the average British adult. 

In comparison...

A graph depicting that 1 in 4 of the HoB audience are looking at cutting back spending this Christmas

(Image credit: Future)

Only 1 in 4 are planning on scaling back their Christmas spending this year. This shows their commitment to putting their families and happiness ahead of their own. Despite rising cost, Christmas is still on!

The average budget for our HoB audience for Christmas is £434. With £129 budgeted for Black Friday and Cyber Monday. The HoB audience are experts at handling their budget; they are making key cutbacks now in order to preserve their Christmas spend which they see as non-negotiable.

A quarter of these savings have been ring marked either entirely or mainly for Christmas. Of those that plan to use some of their savings this Christmas period, 70% intend to pay for quality gifts for their family and friends, It’s a key time for this audience to “trade up” to a more premium type of product.

The number of the HoB audience that have saved money during the pandemic

(Image credit: Future)

The Heart of Britain female is at the centre of their families and their communities. Accordingly 84% will try to match Christmas Gifts to the receiver’s passions.

Illustrations showing the percentages of products sold.

(Image credit: Future)

With value for money becoming more and more relevant, there’s even more pressure this year to get gifts right. The HoB audience is +25% more likely than other UK adults to be interested in content that helps them get gift ideas related to their friends’ and family’s passions and interests.

Money Managing Experts Who Find the Best Deals:

This group has always been savvy with their spending and 61% say that despite the current financial worries and having to make some cuts they feel prepared for the cost of living crisis. This reflects their practical nature, and expertise when it comes to navigating a variable household budget.

Seeking out the best deals on the products they need is a skill - but also a passion. 63% will seek out content that tells them where to get the lowest price for a particular product, online or in store. 

Sarah-Jane Outten
Editor

Hi, I’m SJ. I’m an editor and content executive here at MyVoucherCodes. I started my journey here as a deals expert which gave me the skills to become a money-saving expert. You can find my tips and recommendations in various publications including The Sun, The Mirror, and The Telegraph.

I gained a degree in English Literature and Creative Writing in 2018, and I’ve put my writing skills into many projects since then. My portfolio at sarahjaneoutten.com includes my work with Cardiff Times, Buzz Magazine and more. 

I write poetry and short stories for pleasure and enjoy getting creative with watercolours and lino printing. I hope that I can merge my love of writing and art into a children's book in the future - watch this space!