Last Updated on November 7, 2022 by Editorial Staff
By Nicola Williamson
Our health and social life are taking the biggest hits from the current UK cost of living crisis.
Toluna’s Global Consumer Barometer Study is a regular index that taps into a community panel of 40+ million members to provide accurate and timely information on the world’s current perceptions. The latest wave surveyed 1,020 people in the UK.
The cost-of-living crisis is impacting our health
The research sheds some light on several aspects of our lives that have been impacted by the current cost of living crisis, some of which include personal health and well-being.
- 50% of respondents report that the cost-of-living crisis is impacting their health and well-being
- 38% of respondents said they are more stressed
- 20% of people said they are eating less healthily
When looking to cut expenses, mobile phone contracts, TV, and drinking alcohol at home are among the last to go
Mobile phone contracts, watching TV, and drinking alcohol at home are among the pastimes that we are least likely to give up:
- Over a third of those surveyed (34%) stated they won’t give up their mobile phone contracts
- 29% of respondents said they don’t want to stop their TV subscriptions
- 22% said that they’re unlikely to reduce their alcohol consumption at home
What people are most likely to give up or cut back on
Facing the cost-of-living crisis, 65% of respondents agreed that they were putting off big life expenditures until the economic situation is more stable.
To help save money during the current crisis, the top three things that people are most likely to give up are:
- Eating out (35%)
- Take aways (33%) and
- Going out to bars and pubs (23%)
There is no doubt that the hospitality sector is going to be negatively impacted. This is particularly concerning as the sector is still trying to recover from the pandemic.
How the cost of living is impacting grocery shopping habits
In the next three months, respondents will make changes to how they shop for groceries:
- Over half (51%) will reduce unnecessary purchases
- 42% said that they will buy more own label products, putting pressure on bigger brands to change their offering and become more competitive
- 31% will go to a cheaper supermarket, which means a likely rise in footfall for budget supermarkets
- 29% said that they will change the brands they buy
- 24% said they will spend more time shopping around for lower prices
Ethical brand values continue to be important to consumers
Consumers would like to see more brands actively supporting the ethical issues that are important to them, most specifically in the following sectors:
- 45% of respondents said energy suppliers,
- 40% said food and drink companies
- 35% said household cleaning
When asked about the actions they personally take to support issues that are important to them, the top three actions were:
- 66% recycling paper/plastic/glass
- 64% reducing food waste
- 55% selling/reusing/ donating unwanted clothes
When asked about the importance of certain values when choosing brands, 62% of respondents said that it is very important for brands to be sincere and authentic in what they say and do.
52% of respondents said that it is very important for brands to care about their role and contribution to the environment and society. 49% said it’s vital that brands have policies which benefit the environment and society.
79% agree that brands should be accountable and 61% said that they would like their savings and investments to contribute to sustainability.
Lucia Juliano, Head of Research, UK & Netherlands at Toluna said: “As we move further into the cost-of-living crisis, our research shows that consumers are increasingly concerned. They are preparing to forego some of their lifestyle choices in the face of price hikes, but, interestingly, they are still willing to hold brands accountable when it comes to ethical behaviour; they even agree that their own savings and investments should contribute to sustainability. As prices continue to rise, expectations for brands will increase. It’s vital that brands do everything they can to help people through the coming months. This means they must ensure they are providing consistent, clear messaging around products and services and demonstrate that they’re in tune with consumer sentiments so that they can genuinely help their customers.”