Soaring inflation is already altering the way we are spending.
Over the coming 12 months consumers expect to spend more on essentials such as food, utilities and childcare, so this may have an impact on spending on luxuries.
Trahan Macro research detailed where they see spending changes over the next year, with food spending up 23%, gas/electric 18%, childcare 6%, in home entertainment up 3% and interestingly they predict a rise of 1% in paying off debt.
On the other hand they predict a 31% fall in eating out, a 23% fall in international travel, 19% in clothing, 15% in gym membership and 11% in home improvements.
Tricky times ahead, a review of your finances is important; why not make an appointment with Craig to look at your assets and liabilities? Contact our office to make an appointment 01383 822555 / 01383 412120 or [email protected]