• Home
  • News
  • Business
  • Marks & Spencer report suggests cost-of-living won’t ‘dampen’ summer optimism

Marks & Spencer report suggests cost-of-living won’t ‘dampen’ summer optimism

By Rachel Douglass

4 Jul 2022

Business

Image: Unsplash

A new report by department store retailer Marks & Spencer has found that the growing concern around finance will not be heavily impacting British consumers this summer.

In its latest Family Matters Index, the British chain reported that eating more healthily, exercising more regularly and spending more time outdoors were at the top of consumers’ summer priorities, with Millennials cited as the most motivated to get in shape.

Additionally, in light of the loosening of restrictions, a total of 61 percent of respondents said they were planning to go on holiday, while just over half are set to stay in the UK for holidays.

However, cost of living was the top concern for UK families, with 82 percent of the demographic reporting the issue was at the front of their minds, 10 percent up from the end of last year.

While cost-of-living was not seemingly impacting younger generations, the crisis was having an effect on their behaviour, according to the report. In its 18 to 24 year old range, 40 percent of respondents said they would be prioritising saving, a significant proportion above the 31 percent average.

Its impact was also evident in consumers' shopping habits, for which 78 percent of people stated that value was the most important factor when deciding where to shop, followed by convenience and customer service.

Cost-of-living
MARKS&SPENCER