Brits have adopted a more cost-conscious approach to New Year’s resolutions this year, new data from Barclays reveals.
The Barclays’ monthly Consumer Spending Index, which combines the hundreds of millions of customer transactions recorded in December 2022 with consumer confidence data to provide an in-depth analysis of UK spending, shows concern over rising food prices continues as 91% of Brits admit to feeling worried about the cost of groceries, with 65% looking for ways to get more value from their supermarket spending.
To save money, Brits are sticking to tried-and-tested methods, such as buying own-brand or budget goods over branded goods (49%), and taking advantage of vouchers and loyalty points to get money off (44%).
This has prompted some Brits to make New Year’s resolutions to seek out better value for money and reduce their food bills, with 34% of those who are aiming to make their resolutions more cost-effective this year planning to get a head start by preparing healthier or cheaper meals by batch cooking at the weekends.
The research reveals 52% of Brits plan to cut down on discretionary spending to be able to afford energy bills throughout the winter, with 63% planning to reduce how often they eat out at restaurants (63%).
Additionally, of the 65% who are looking to reduce the cost of their weekly shop and 50% are cutting down on luxuries or one-off treats for themselves.
Esme Harwood, Director at Barclays, said: “The start of new year typically encourages Brits to make positive resolutions for the year ahead. This year, Brits are having to get creative in order to achieve their resolutions on a budget, taking advantage of discounts and free resources where available.
“With 2023 now underway, consumers will likely remain cautious with discretionary spending, so I will be watching closely to see how this impacts the growth of retail, hospitality, and leisure. When purse strings tighten, the categories which tend to perform well include takeaways as a substitute for meals out, and staycations instead of holidays abroad.”
