As the cost-of-living crisis continues, price comparison experts Quotezone.co.uk asked consumers about financial concerns they might have heading into the winter.
The new survey reveals that more than three-quarters (75.9%) of Brits are worried they will have less savings to spend at Christmas this year – even though Christmas 2021 was still considered the height of the pandemic.
The research also found that 43% of those surveyed are cancelling monthly subscriptions such as Netflix, Disney+ and Amazon Prime in a bid to recoup some of the savings lost through spiralling inflation costs.
Consumer confidence is already at an all-time low as the UK consumer confidence index plunged by five points in September to –49. Given that the index measures how optimistic or pessimistic consumers are about their personal finances as well as the overall state of the economy, this reveals the sense of heightened anxiety for shoppers as we hurtle towards the Christmas countdown.
Costly holidays and hobbies are also being culled in the run up to the festive season, according to the latest data, with 38% of respondents saying they have delayed or cancelled holidays as a result of the cost-of-living crisis, and 37% saying they could no longer afford their hobbies.
The data, compiled by Quotezone.co.uk, was taken from a survey of 1,000 consumers in October 2022.
Greg Wilson, Founder of price comparison site Quotezone.co.uk, comments:“Christmas is on the horizon and although Brits are notorious for over-spending during the month of December, it’s clear that this year typical expenditure will be reduced for many across the UK.
“The holiday season can often put a strain on finances, with three-quarters of UK households now worried about how they will afford it. It can help to start small, double check you’re not overpaying on your bills by shopping around, cancel unnecessary direct debits and even downgrade packages to cheaper tariffs where you can, such as phones or internet. Our comparison site can help people find savings they didn’t know they could have, across a variety of household bills and essentials.”
Quotezone.co.uk is one of the leading price comparison websites in the UK, helping over 3 million users find more competitive deals on everything from home insurance to business use car insurance to fixed rate mortgages.