From re-using back-to-school items to starting side hustles, new data from Barclaycard has discovered how people across the UK are changing their spending behaviour to make their money go further during the cost of living crisis, while also trying to make the most of the last days of summer.
Inflation continues to hit decades-long highs, hitting 10.1% in July, while energy bills continue to soar and put additional pressure on millions of households across the UK. The final price cap prediction from Cornwall Insight, ahead of Ofgem’s official announcement later this week, suggests a staggering increase of 80 per cent on the current cap of £1,971 to £3,554 from October 1.
Insights are taken from Barclaycard’s monthly Consumer Spending Index, which combines the hundreds of millions of customer transactions recorded in July 2022 with consumer confidence data to provide an in-depth analysis of UK spending.
