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The U.K.’s cost-of-living crisis is getting even worse for young consumers. 

Aug 18 2022

The U.K.’s cost-of-living crisis is getting even worse for young consumers. Inflation has been plaguing young Europeans’ finances for a while now, but in the U.K., the inflation rate hit double digits for the first time since 1982. Now, the inflation rate is 10.1%, spurred on by the rising costs of food and beverages as well as energy. Meanwhile, average wage increases have fallen way behind—and all of this is affecting Gen Z and Millennials the most: 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. Our recent WE Back to School Shopping report found that 70% of BTS shoppers agree, “Inflation will impact my back-to-school shopping choices”—but the cost-of-living crisis is affecting much more than that. 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. Brands can help young consumers by offering deals, sales and discounts, and by offering them advice on how to tighten their finances during this time. (BBC)