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September 2022 - Retail

Survey reveals the average rise of essential costs is £145 per month for UK households since start of 2022: A survey of UK consumers has revealed that on average, consumers are paying an additional £145 per month to cover essential costs such as food, rent, mortgages and energy, with respondents aged 35-44 seeing an average monthly increase of £194.40.

The survey conducted by KPMG polled 3,000 consumers in April 2022 in the UK to give insight into how the rising cost of living is impacting British households. The research surveyed people across a range of household incomes, and also asked about the things they were cutting back on as a result of the price hikes. 

The research also found that the savings of British consumers are being depleted, in some cases to bridge the shortfall caused by rising costs. Of the Brits surveyed who had savings, just 43% of the balance they had at the start of the year remains, with a third of these saying their savings have been used to pay for rising essential costs. 

When asked how they are cutting back to navigate the cost-of-living crisis, a third of respondents said they were buying more own brand or value brand products, with a similar proportion also saying they are buying more products on promotion when they visit the supermarket. 

A quarter of consumers said they have switched brands to make savings, while a similar number said they are shopping at more affordable retailers and buying fewer items. 

One in 10 people surveyed said they are spending more on credit to make ends meet. 

Respondents were asked about their ability to make non-essential purchases since January, with a third saying they were still buying the same amount as they were last year, while 24% said they had been buying more, and 26% said they had been buying less. Sixteen percent of participants said they were not sure. 

Amongst those who have been buying less, eating out at restaurants is the top cutback being made found the research, with six out of 10 people saying they have tightened their belt in this area, followed by shopping less for clothes (54%) and takeaways (51%).

Linda Ellett, UK Head of Consumer Markets, Retail and Leisure, said: "Three thousand consumers told us, on average, that rising essential costs have left them £145 worse off a month compared to the start of the year.  Of course, some households are already paying more than this average, and all households still have October’s energy price rise to manage.”

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