How Britain Spends is a series of reports by TopCashback delving into the nation's spending habits — from what we buy, to how often we buy and how much we buy.
We’ll be keeping you updated on real-time purchasing trends, with market insights backed by retail data and expert analysis. We’ll also have the latest on how we feel about our spending habits, to give you a clear snapshot of how Britain shops today.
A message from our UK Director, Adam Bullock
Last September, we set out to shine a spotlight on how we spend as a nation. We explored the expenditure of families in detail, and found that high mortgages, rent rises and food inflation were putting almost everyone under considerable strain. As a result, millions of adults were spending beyond their means - month in, month out.
Encouragingly, since our last analysis, inflation has eased, energy prices have dropped and, while the price of many everyday items remains high, things are going in the right direction, or least, not getting drastically worse. Our latest research of the spending habits of 2,000 adults mirrors this.
The figures show a small decline overall in spend on some essential items, like groceries, and while just over a third have seen their spending at supermarkets rise, the rest haven’t.
Across the board, people are feeling a little more in control of their finances too, with more money left in current accounts at the end of every month.
This gives us an indication that households are slightly less stretched than in Autumn 2023, but we know that the cost of day-to-day living is still a crisis for so many.
In this report, we’ve also focused on spending and wellbeing. We’ve found that money concerns have disturbed people’s sleep and their ability to relax. The research also found that most people feel the pressure to keep up with others’ lifestyles, so much so that half are regularly spending money to match up.
As we start the year, at TopCashback we want to help as many people as possible save money when they spend. We’re firm believers that, while it’s impossible to control the economy, it is possible to take control of your own expenditure.
Things covered in January's report include:
- What people have been spending the most on and cutting back on during the past three months
- How the costs of insuring and running a car are adding up for Brits
- Advice for managing spending month-to-month and tips for getting the best deals on trending items from Sue Hayward, personal finance and consumer expert
- Tips for staying in control of your spending from Michelle Highman, chief executive of The Money Charity
In the last three months…
36% have spent more on essential groceries
24% have spent more on petrol
19% have spent more on essential toiletries
15% have spent more on pet care and pet food
£300 has been spent on average by adults trying to keep up with others' spending
Sue Hayward, personal finance expert, on How Britain Spends:
"What none of us know is how our friends, family or neighbours pay for that luxury kitchen, exotic holidays or expensive meals.
We may be happy to talk about deals or discounts we’ve snapped up but may not admit if spending has run us into the red, or we’re battling credit card debt we can’t pay off.
We all need to work at getting our own finances under control, not trying to aspire to match others’ spending.”
“We’re all under pressure to make our money go further which is why so many of us budget, plan, and discuss how to spend it. From paying essential bills each month to planning our holidays and days out, How Britain Spends dissects this, revealing our financial priorities, what we’re spending our money on, and how in control of our spending we really are."