Cost-of-living cutbacks: where are the public tightening their belts?
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By Christien Phelby
In May 2022, global inflation hit its highest levels since 2008 – which has raised questions about how consumers can cope with the rising cost of living. While government intervention may make a difference in some markets, it’s worth looking at where people are – and are not – likely to tighten their belts.
New YouGov data, focused on 17 different markets across Europe, APAC, the Americas, and MENA, indicates that three in five (61%) will be looking to reduce the amount they spend on eating out at restaurants first, saving money by preparing food at home. Half of the public (49%) also say they’d cut back on holidays and travel as a priority (49%); although with several markets reporting technical issues, queueing, and general chaos in international airports, saving money may not be the only motivation here.
Nearly as many plan to cut back on clothing (46%) first – which, with sustainability a significant concern in the fashion sector, may also be for reasons be...
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