So far in 2023, 46 per cent of Scots have reduced their non-essential spending
New research released by KPMG UK highlights the scale of reduction in consumer spending so far in 2023 and indicates how households may respond when they no longer receive energy bill support payments from April. T
, with the cost of utilities bills cited as being their biggest barrier to spending more income or savings on discretionary items in the next three months. A third of consumers surveyed reported using their savings to help meet their essential costs. While two-thirds with savings said they don’t currently need to use savings for this. The average amount of savings in the bank among the group was £7,253.
Top Money Stories Today Commenting on the findings, Linda Ellett, UK Head of Consumer Markets, Retail and Leisure for KPMG, said: “With energy, mobile, and broadband costs set to rise for many households from April, a number of consumers will likely have to further cut back their discretionary spending.
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