UK households spending more on essentials amid cost-of-living crisis

Soaring inflation has led UK households to spend 12 percent more on essentials last month than they did in February 2022, according to data from building society Nationwide. 

Figures showed that people spent 34 percent more on utility bills and 17 percent more on mortgage payments, with 38 percent of those relying on credit cards to cover the costs, as well as to pay for foodstuffs, public transport, and childcare.

Spending on non-essential goods and services such as holidays and eating out increased over the same period, however.

Mark Nalder from Nationwide observed that “despite rising costs, households are clearly looking to strike the balance between being fiscally responsible and still being able to spend money on themselves”.

If you run a small or medium-sized business in Greater Manchester and want to understand how the cost-of-living crisis might impact your operations and revenues, GC Business Growth Hub’s #HereForBusiness package provides practical guidance and expert advice on a range of topics to help you manage the increasing cost of doing business.

If you have any questions, get in touch now.

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