A survey in Scotland has detected “the biggest shift in Scottish consumer confidence in living memory”, with nine out of 10 Scots “seriously concerned” about the cost of living, according to researchers.
The study by research firm 56 Degree Insight and marketing agency The Union was conducted following the Westminster government’s mini‑Budget in late September which led to the fall of Liz Truss as PM.
It suggested 89% of people in Scotland have serious concerns about the rising cost of living and three‑quarters (75%) report increased stress due to the crisis.
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More than half of Scots (54%) reported worry “about paying bills” and six out of 10 (63%) expressed concern about “putting food on the table”. One in three (35%) admitted concern about paying off loans and credit cards and 36% reported “major worries” about paying their mortgage or rent.
Almost nine out of 10 (87%) reported delaying or cutting back on purchases, particularly leisure purchases, in addition to cutting back on big-ticket items including travel.
The survey found 45% were spending less time planning holidays and 46% would delay decisions on holidays or cut back on holidays next year as a result of the cost-of-living crisis – putting travel third from top of a list of 17 discretionary spending items facing cutbacks behind clothes purchases (55%) and spending on treats and luxury items (51%).
The researchers say the findings make “sober reading”, with “people in Scotland, especially families, pushed to the limit” and suggest “a disconnect between the reality of public sentiment and the current consensus among legislators, retailers and consumer brands”.
The survey was carried out among more than 1,000 adults in Scotland on October 14-16.