The research shows that 44 % of people say they are reducing their discretionary spending, with 54% citing ordering takeaways as their number one cutback.
Over half, or 53% of these consumers are also cutting back on eating out at restaurants, with spending in this category seeing an even greater decline in May, of -15.7%, compared to a -13.1% decline in April.
On a more positive note, almost three in 10, or 28% of Brits say they will spend more when the weather improves this summer – a figure which rises to 39% for 18- to 34-year-olds.
Two fifths, or 39% of this group plan to spend more on food and drink for picnics, a while 34% say they’ll fork out on drinking and dining al fresco at pubs and restaurants, and 29% intend to buy barbeque supplies to host friends and family in the coming months.
Consumer card spending grew just 1% year-on-year in May, the smallest rise since February 2021 and significantly lower than the latest CPIH inflation rate of 3.0 per cent.
Resilient categories such as takeaways were knocked by rising household bills, while wet weather continued to cast a cloud over the high street. However, consumers are feeling optimistic about the latest inflation figures, with 28% planning to s