Consumers will reduce clothing consumption by 2022

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Consumers will reduce clothing consumption by 2022

This was followed by 49% who said they would cut down on takeaway orders.

Linda Ellett, head of consumer markets, leisure and retail at KPMG UK, said: “The cost-of-living squeeze is underway for many households and it’s not a surprise to see a third planning on reducing spending, and less than one in ten planning to increase their spending.

“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.”

“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.

Story Highlights

  • Spending less on eating out was the most common answer (55%) among respondents, and half aim to spend less on clothing, rising to 59% amongst women polled.

  • Only one in ten people surveyed (9%) said their spending was likely to increase, while half expected their spending to stay roughly the same as last year.

KPMG UK worked with OnePoll to survey 3,000 UK adults (nationally representative) between 13 and 17 December.