Stat: Consumers sacrifice dining and takeout amid inflation

UK/US – Amid growing economic uncertainty and inflation concerns, consumers in the US and UK are scaling back on discretionary spending, with 63% cutting back on dining and takeout, according to a new survey by digital analytics platform Quantum Metric. 

More than half (55%) of the 1,600 respondents are cutting back on discretionary spending, with additional cuts in home goods (47%), apparel (44%), alcohol (44%) and beauty services (38%). Grocery is one of the few areas holding steady, with only 18% planning to cut back, although 53% say they will choose generic brands if prices rise. 

Travel is also feeling the squeeze. Many respondents plan to stay local or use loyalty programmes and price-based searches to keep costs down. 

‘The question is not just if people are spending, but how. Brands must adapt with better communication, value-led promotions and seamless digital experiences to retain loyalty,’ says Quantum Metric. 

For more insights on how the cost of living crisis is affecting consumer behaviour, explore our Homely Hospitality and New Codes of Value reports.