Eating out was the most common discretionary spending cut, listed by 72 of those who are scaling back, the poll for KPMG found.
Half of consumers have cut back on their non-essential spending so far this year, with eating out the most likely cull from budgets, a survey suggests.
Eating out was the most common discretionary spending cut, listed by 72% of those who are scaling back, followed by clothing purchases and takeaways . Taking or booking a holiday was the most common big ticket purchase in the last three months, for a quarter of consumers, while 35% also said that they would be spending money on a holiday during the remainder of 2024.
A quarter of consumers said they do not plan to spend any of their savings this year, while a quarter also said that they are currently using their savings to help meet their essential costs.Linda Ellett, head of consumer, retail and leisure markets for KPMG, said: “Essential costs remain at a level where nearly half of the consumers we surveyed said they have cut their non-essential spend in the first quarter of the year.
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