Retail sales fell by a per cent in December as shoppers cut back on spending as a result of increased prices and affordability concerns.
It’s evident that rising costs are taking their toll on UK consumers, as a recent report by NerdWallet discovered that almost half of Brits admit to currently being in debt, with the cost of the living crisis being the biggest concern for 44 per cent of consumers.
A further 39 per cent of consumers currently in debt are most concerned about paying for energy bills, and 26 per cent worried about their general financial situation.
The report found that 22 per cent of consumers who are in debt are relying on borrowed money to pay for their groceries, 14 per cent to pay for their for rent and a further 14 per cent to pay for household bills (gas, electricity).
Consumers who are relying on borrowed money to help pay for basic essentials are being forced to cut back on other forms of spending in order to help make ends meet.
Worryingly, just under half of Brits currently in debt believe they may have to take on more debt in the time it would take them to pay off existing debt.
