Exclusive consumer research by Retail Week reveals that shoppers plan to rein in their spending in the next 12 months as they reconsider their purchasing habits in the wake of the global pandemic
More than half (55%) of consumers say they will reduce their spending over the next year, according to exclusive insight from 1,000 consumers uncovered in our new report How They’ll Spend It, produced in association with Openpay.
Spending in discretionary categories looks set to remain under particular pressure, especially when it comes to clothing and accessories.
Only 9% of consumers expect to spend more on fashion in the next 12 months than they did before the pandemic, compared with 42% who said that they would spend less, according to our survey conducted in May.
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