The poll, which was conducted by audit firm KPMG and OnePoll between 13 to 17 December 2021, revealed that for the third of UK consumers (32%) who want to cut spending in 2022, clothing (50%) was only second behind eating out (55%) as the main luxuries they would choose to reduce.
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However, when the results were analysed by gender, the percentage rose to 59% amongst women polled.
Linda Ellett, head of consumer markets, leisure and retail at KPMG UK explained the cost-of-living squeeze is underway for many households.
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“Faced with inflationary pressures, some businesses are mulling upping their prices, or have done so. But they will be mindful that they are operating in a marketplace where consumers are themselves having to tighten the purse strings.
“The competition for share of wallet in 2022 is heating up. It’s vital that businesses double-down on their productivity, on the value and efficiency of their supply chain, and assess whether new products or offers can give them an edge in this landscape.”
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Stay ahead of the European apparel market
- Explore how different subsectors and countries are performing within the European apparel market, and which offer the most growth potential
- Understand how European consumers' shopping behaviors have changed post-COVID-19
- Find out which retailers are making the most gains, and what they are doing to remain competitive
- Gain insight into the key trends affecting the European apparel market
