NEARLY 40% of adults in the UK scrapped foreign holiday plans this year to stay at home and save money because of the cost-of-living crisis, a new poll has revealed.
And one third of young adults revealed they have shelved plans to move house due to the squeeze on their finances.
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Nearly 60% of those polled also admitted that they are currently spending more time at home with 37% of young adults under 34 now looking to spend money on sprucing up their current residence rather than moving house.
Interior design business InteriorNet commissioned digital pollsters Find Out Now to conduct a UK-wide nationally-representative survey of 2,000 adults to study their responses to the cost-of-living crisis, covering topics ranging from spending on home improvements to altered travel plans.
The survey was conducted between the 14th and 15th of September.
69% of respondents said they are now more conscious about the amount they spend on their home than before the crisis.
The results illustrate the stark state of many Brits’ finances and show the pressure created by the rise in energy and food costs.
InteriorNet commissioned the poll after noticing a spike in those searching their platform for affordable home design solutions.
Their ground-breaking tech pairs owners or tenants wanting to transform their properties with interior designers across all budgets.
Founders Stella Pozzi and Sashola Prestcote said of the results: “This poll gives a real insight into the stress the majority in the UK are feeling as a result of the cost-of-living crisis.
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“Many have scrapped foreign holiday plans and dreams of moving house. This means millions of people are spending more time at home than ever to save money.
“We have noticed that they are therefore looking for affordable ways to spruce up their environment, calling on the scores of talented designers out there who can help advise how to make simple changes on a budget.
“The survey illustrates the massive effects the crisis is having on normal people who are having to make fundamental changes to the way they live.”
Find Out Now Founder Chris Holbrook added: “This poll digs deep and really shows how many people are being devastated by increasing costs. We can see that many have been spending more time at home since the pandemic and the cost-of-living crisis has exacerbated that even further.
“Britain and the lifestyles of those who live here are very different to what they were just four years ago.”
Cost-of-living poll findings
HERE are the full survey results of 2,000 adults studying their responses to the cost-of-living crisis, covering topics ranging from spending on home improvements to altered travel plans and conducted between September14th and 15th 2023.
1. Have you put off plans you might have had to move house because of the cost-of-living crisis and falling house prices?
- Yes: 19%
- No: 81%
- 33% of 18–24-year-olds have cancelled plans to move to a new home.
- 23% of those in London Vs. 9% in Wales have said they had to cancel plans.
2. Has the squeeze meant that you are instead looking to improve your own home on a budget?
- Yes: 29%
- No: 71%
- 37% of 25–34-year-olds Vs. 22% of 65+ looking at improving their home as an alternative to finding a new one.
- South East only 20% said they are Vs. 35% in Wales
3. To what extent are you being more conscious of how much you are spending on sprucing up your home in the cost-of-living crisis?
- Much more conscious: 33%
- Somewhat more conscious: 23%
- Slightly more conscious: 13%
- Not any more conscious than before the crisis: 31%
- Younger people appear to be more conscious about spending money on their home (81% of 25-34s Vs 57% of 65+).
- 27% of men Vs. 39% of women say they’re “much more” conscious of spending money on their homes.
4. How much more time are you spending at home because of the cost-of-living crisis?
- A lot more time: 32%
- A bit more time: 26%
- No more time than before the crisis: 43%
- 25% of those in the AB socio-economic class Vs. 36% in DE class say they’ll spend “a lot” more time at home.
5. Did you skip a foreign holiday this year and stay at home?
- Yes: 38%
- No: 53%
- Haven’t decided: 9.1%
