Almost 40% of Britons aren’t coping on their current salaries; they are spending over an hour longer indoors; 60% are looking for the lowest prices when shopping, and when it comes to longer-term plans - from moving out of their parents’ homes to changing jobs to retiring - they are pressing pause.
These are just some of the arresting findings from the 2023 IPA TouchPoints data which, in revealing the habits of British consumers’ daily lives and how their media usage fits into this, evidences the paralyzing impact the cost-of-living crisis is having on consumers’ lives in the short and longer-term. The nationally representative survey was carried out on over 3,000 GB adults aged 15+, between January and March 2023.
According to the TouchPoints figures, 37.6% of consumers aren’t coping on their current salary. This figure is up 15% from pre-lockdown 2020 (32.6%) and up 22% since the lockdowns in both 2020 and 2021 (both at 30.7%). For the lowest income and disadvantaged groups this figure stands even higher at 60%.
Alongside this, the data reveals that 5.9% of consumers are consolidating their debts and/or remortgaging which marks a 34% increase since pre-lockdown 2020 (4.4%) and a considerable 168% increase over the past six months alone (2.2% in 2022).
As consumers feel the pinch, the TouchPoints data reveals the amount of time the average adult spends at home has increased by 66 minutes per day since pre-lockdown 2020.
Concurrently, shopping has declined since pre-lockdown 2020.
When consumers do shop, the TouchPoints data reveals a dramatic increase in their search for discounts, money-off and the lowest prices.
The knock-on effect of these financial struggles is not just affecting consumers’ daily decisions, the data also reveals consumers’ plans for the next 12 months having to hit pause.
"There can be a danger when looking at data points that we look at the numbers but don’t fully appreciate the people and the story behind them. And this is where the TouchPoints data plays a crucial role. We can see from the latest TouchPoints data the significant impact of the cost-of-living crisis on consumers’ lives."
As financial burdens increase, halting both our short and longer-terms plans, it is imperative that brands and their agencies are mindful of these challenges and work to understand the role we can play in helping to add value to consumers’ lives at this tough time.
"The latest TouchPoints data highlights the struggles some people are facing with the cost-of-living crisis. This is impacting their daily lives not only in terms of what they can afford, but what they do, when they go out, when they socialise and crucially for our industry, how they consume different media channels. TouchPoints continues to give us a rounded view of every day life in 2023."Find out more about IPA TouchPoints