Cost of living crisis: Do Brits feel pressured to spend in sales?

Do Brits love a bargain?

Transcript

00:00Well, in research commissioned by Honey, for some, finding and using discounts online ranks

00:07higher in terms of pleasure than celebrating a birthday, a favourite sports team winning

00:11a crucial match or even getting a promotion at work. Honey's research also found that

00:16deal-seeking can unleash a bit of a competitive spirit in us Brits too. A quarter of adults

00:21admitted they like to compete against friends and family to see who can find those best

00:25deals during those key shopping events like Black Friday. Unsurprisingly, Millennials

00:30were found to be the most competitive, while nationwide Londoners topped the leaderboard

00:34and when it came down to gender, women stormed ahead with 71% admitting to making a game

00:39out of discovering the best deals. So Lauren, we're all very well aware of the cost of living

00:44crisis but even at this point in time, do Brits still feel pressured to spend? Research

00:50by Aquacard found that as many as two-thirds of Brits say they do feel some sort of pressure

00:54to spend more than planned when they're in social situations. While this doesn't differ

00:58across the genders, it differs significantly across generations. 87% of those aged between

01:0416 and 24 say they feel the pressure to overspend, while less than half of the over 55s said

01:10they felt the same. So what are some of the other factors that are putting pressure on

01:14Brits' pockets? Over a quarter of Brits admit that it's their friends that make them feel

01:19the most pressured to spend when socialising. This is who women feel more influenced by

01:23to spend more, with 28% admitting this to be the case, compared with 26% of men. In

01:29second place is partners, 22% of Brits suggesting it's their significant other that makes them

01:34feel the need to exceed their budget. Men say it's their partners who pressure them

01:38most to overspend, with 27% of men saying this. But one-sixth of Brits say it's their

01:44children that tend to sway them to overspend in social situations, making kids the third

01:48biggest source of pressure. If you struggle to budget, it's recommended to create a budget

01:53planner, to be frugal, to ditch the brands and to do as best you can with deals.