UK macroeconomic forecasts continue to predict soaring inflation of 13% or more, and six quarters of declining GDP ahead. And after more than three decades of low or no inflation, rising prices are squeezing household budgets in ways that many consumers have not previously experienced. While spending held up well in the first half of 2022, the new realities are beginning to hit home for some, but for others it’s business as usual. What is driving this optimism and when and how will reality finally bite? Our latest consumer survey takes a look at how the cost-of-living crisis is impacting consumer behaviours across the UK.
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