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January 14, 2022

Half of polled UK consumers will cut clothing spend in 2022

A survey of 3,000 UK consumers has revealed that for those who intend to cut their spending in 2022, half plan to reduce the amount they spend on clothing.

By Laura Husband

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.

“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.”

The effects of rising prices are also apparent in the US with Just Style reporting last week that the National Retail Federation (NRF)’s chief economist believes the latest variant of Covid was unlikely to lead to widespread lockdowns but warned strained supply chains versus greater demand for goods could result in an inflation spike.

 

 

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Free Whitepaper
img

What is the impact of historically high inflation on the UK consumer landscape?

The average UK consumer is experiencing a severe cost-of living crisis as inflation surges to a forty-year high and the price of goods continues to rise. This shock is the result of the sharply increasing costs of commodities, energy, and the ongoing conflict in Ukraine, and is threatening FMCG manufacturers, retailers, and foodservice operators’ ability to survive and grow. Inflation will have a profound effect on many consumer-facing industries in 2022 and beyond. Consult GlobalData’s new whitepaper, Inflation in the UK: The Impact of Historically High Inflation on the UK Consumer Landscape, to better understand shifts in consumer behavior and their impact on spending patterns, as well as the implications for UK businesses. This whitepaper covers:  
  • Why has global inflation returned with a vengeance?
  • What is the current inflation situation in the UK?
  • What impact is inflation having on UK retail sales?
  • What tactics are businesses relying on to tackle the effects of high inflation?
  • How are consumers changing their behaviors to cope with the higher cost of living?
  • Which industry sectors are most vulnerable to reduced consumer demand?
  • How is the government responding to high inflation?
  • How long will high inflation last in the UK?
  • How can your company survive and thrive in a high inflation environment?
Enter your details here to receive your free whitepaper and ready your business for these increasingly uncertain times.
by GD50 Custom
Enter your details here to receive your free Whitepaper.

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