UK Consumers Shift to Home-Based Solutions Amid Economic Pressures

UK Consumers Shift to Home-Based Solutions Amid Economic Pressures

THE WHAT?  British consumers, facing financial pressure, are cutting back on expenses like hairdresser visits and coffee shop purchases. According to Alex Baldock, the CEO of Currys, this change has led to increased sales of home hair care devices and coffee machines.

THE DETAILS Baldock reported that consumers are spending more cautiously during the UK’s ongoing cost-of-living crisis. Many are avoiding expensive salon visits, opting instead for at-home haircare technology. Similarly, the habit of buying pricey coffee outside is being replaced by brewing coffee at home, leading to a rise in the sales of coffee machines. This trend also extends to other home appliances like gaming consoles and air fryers, indicating a shift towards in-home entertainment and cooking.

THE WHY? This shift in consumer behaviour is primarily driven by the need to save money amidst economic challenges, including the cost-of-living crisis and fluctuating interest rates. Although there are some positive economic signs like increased real wages and high employment levels, the overall consumer confidence in the UK remains unstable, pushing people towards more economical lifestyle choices at home.