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The U.K.’s cost-of-living crisis is changing young consumers’ spending habits. 

Aug 03 2022

The U.K.’s cost-of-living crisis is changing young consumers’ spending habits. The U.K. is experiencing the highest level of inflation since the 1980s, with the cost of fuel, food and energy steadily rising and hitting young consumers the hardest. A 2021 study found that young Brits pay more than twice as much as older generations for living expenses and YPulse found that economic issues are among the biggest issues young Europeans say they’re facing today. Now, these issues are hitting household budgets, and young consumers are cutting back on inessentials, including streaming services and clothing. A recent survey from accounting firm EY found that over half of U.K. consumers plan to cut back on clothing purchases, and many are also canceling their SVOD subscriptions because they can’t afford them anymore. But some are also taking a more measured approach: a study from TrueFit shows that while U.K. consumers are checking out less frequently compared to last year, they are “behaving with higher intent and buying larger basket sizes when they do decide to spend.” As finances continue to be top-of-mind for young consumers, brands can encourage them to become more conscious shoppers. (The GuardianInternet Retailing)