Many adults in the U.K. are reducing their electricity and household appliance use to lower their energy bills. According to the BBC, 90% are delaying turning on heat to save money amid rising costs and nearly 90% have started to turn off lights and electrical goods when not in use. The cost of living has gone up by 10.1% and 56% expect their financial positions to worsen in the future.
The cost of groceries has also continued to rise with the highest increases being low fat milk (42.1%), margarine and other vegetable fats (30.5%), whole milk (30.2%) and flour (29.6%). To help with finances, many are adjusting their spending habits in various ways. People are purchasing less clothing for themselves and their children, travelling less, having fewer outings and delaying larger purchases.
The research was conducted from October 5-10, 2022. Read more.
While larger corporations are managing price increases, small businesses are struggling and believe the worst is yet to come. According to a survey conducted by MetLife and the U.S. Chamber of Commerce, inflation is the largest concern for 50% of small businesses and 71% believe it will get worse. Sixty-six percent are comfortable with their current cash flow but 88% are worried of a potential U.S. economic downturn next year. Sixty-three percent of businesses maintained their staff size this year while 20% have increased staffing. Twenty-eight percent of small businesses believe the economy is in good health and 38% plan to increase their staff size next year.
The research was conducted from July 21 - August 8, 2022. Read more.
Should we expect prices to increase even more in 2023? According to Advantage Sales, we can expect price increases to slow in the first half of 2023. Manufacturers and retailers explain their deflation strategies to reduce prices. Seventy percent of manufacturers are planning to invest in their brand through marketi...