Against a backdrop of households being exposed to mortgage increases or higher rent in 2024, it’s hardly surprising that 58% of people have said that non-essential cost-cutting is a must*, and that many of them have been switching or trading down to support this.
What is surprising, however, is that despite this we saw certain categories continue to thrive in Q4, demonstrating that consumers are still finding ways to prioritise spending in the areas that matter most to them.
Read our snapshot to find out more about whether what consumers are saying about their spending plans matches what they are actually doing.
*KPMG survey of 3000 nationally representative UK consumers in December 2023.
