Brits Brace for Worse as Cost of Living Crisis Bites Deep
More than half of UK consumers expect the economy to nosedive over the next year, according to shocking new research from consumer watchdog Which?. A staggering 2.1 million households are already struggling to pay essential bills amid soaring living costs.
Consumer Confidence Hits Rock Bottom
Which?’s latest Consumer Insight Tracker reveals a grim economic outlook with a net confidence score plunging to -32. While only 21% of Brits hold any hope for economic improvement, most expect tougher times ahead. One woman in her twenties summed it up: “I don’t see the economy improving anytime soon, and we’re barely keeping our head above water.”
Inflation might be easing slightly, but prices, especially for food essentials, keep climbing, warned a woman in her fifties. Confidence isn’t just fading for the economy – household finances are also under attack, slumping to a worrying -11.
Energy Costs and Inflation Spark Fear
- 79% of those expecting their finances to worsen also see the economy tanking
- 90% brace for higher fuel and energy bills
- 89% fear soaring food prices
The rising cost of energy without enough government help, along with utility hikes and an inflationary environment, have consumers dreading the bills they’ll have to face this winter.
Millions Missing Payments, Cutting Back
Financial hardship is biting hard. Around 2.1 million UK households missed critical payments by early October. More than half are forced to slash spending on basics, raid savings, or borrow just to get by.
With winter looming and bills still sky-high, Which? is demanding urgent action from key sectors. Energy companies must ramp up customer support, supermarkets should offer cheaper, nutritious food options, and broadband firms need to push social tariffs to ease the burden.
Rocio Concha, Which? Director of Policy and Advocacy, said: “With millions struggling to make ends meet during the cost of living crisis, it’s understandable that many consumers continue to be wary about the future of the economy and their finances. Businesses must step up to support customers and avoid piling on unnecessary costs for those facing hardship.”
