The findings of the study that has been ongoing for three years and involves more than 40,000 UK adults, indicate that 77% of participants believe they will likely have to decrease their spending on fashion and footwear as a way to economise.
This insight aligns with the current economic climate where consumer prices remain elevated. Inflation persists beyond the Bank of England’s target of 2%, with an unanticipated surge to 3% in January 2025.
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Maru chief research officer Stephen Brockway said: “Our research into the cost of living indicates that UK citizens are increasingly seeking methods to reduce their expenditures as heightened costs put pressure on household budgets and diminish purchasing power. A notable trend is the intent to save on clothing costs.
“For retailers in the fashion industry, it is crucial to acknowledge these consumer pressures during product development, marketing strategy formulation, and customer experience enhancement. Brands that align with consumer needs by providing value, understanding, and relevance will likely succeed in fostering trust and securing long-term customer loyalty.”
Furthermore, Maru’s latest survey data suggests that a majority of British individuals also predict the need for additional financial cutbacks across other sectors.
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By GlobalData
