Consumers are spending less on shopping trips as the cost of mortgages and household bills continues to spiral upwards, according to Mintel.
Shoppers have begun curbing their spending in several areas, with DIY, furniture and fashion retailers the most likely to be affected on the high street, Mintel’s British Lifestyles report found.
Almost three in five adults said they have “recently cancelled their spending plans”, particularly on DIY and holiday spending, because of uncertainty in their personal financial situation.
20 per cent of respondents said they have put off family holidays, while 16 per cent have put off planned home improvements.
Furniture buying has also been put on hold for some, with 9 per cent having scrapped plans to buy larger items such as sofas, beds and tables. One in 10 have cancelled clothes-buying trips and the clothing retailers that are likely to be worst hit by this are those whose products appeal to young single people and those with larger families.
According to Mintel, the most common reason for the public’s spending caution is the rising cost of day-to-day living. Of those who’ve recently cancelled spending plans, 44 per cent cited this as their reason. Almost one in five have had to pay unforeseen household bills, while the same proportion again said they felt it necessary to “be more careful”.