Consumers’ Christmas cutbacks
ALMOST half of consumers say they plan to cut back on festive spending this year as an estimated 2.2 million households defaulted on a vital payment.
Some 46% of consumers are cutting back due to the rising cost of living, Which? found, with 41% planning to buy fewer gifts, 30% saying they will buy cheaper or less food and drink and 23% planning to stay at home more to save money.
Even among the 8% of people who said they would be spending more, this was driven in many cases by price increases.
Which?’s consumer insight tracker also showed an estimated 2.2 million households missed or defaulted on a vital payment such as a mortgage, rent, credit card or bill payment in the last month, up from 1.8 million last November.
Just under six in 10 people (57%) made at least one financial adjustment such as cutting back on essentials or dipping into savings in the last month.