The research shows that consumers have cut spending in many ways, but certain industries have been hit harder than others, for example:
- 20% of consumers have cancelled summer vacations
- 46% reported spending less on home improvements
- more than two thirds of consumers reported cutting back their household spending on luxury goods and services, as well as entertainment
- 50%+ reported cutting back spending on apparel and personal care (clothing, shoes, accessories, cosmetics) and major household items (electronics, appliances, household accessories)
In April 40% of said their household economic situation was improving or that they expected it to improve this year. Those reporting the same feeling in May fell to 29%.
I know it is US based and is multi-age but I think there are some good lessons for the UK’s 50-plus market. Dick Stroud
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