Majority of Brits Are Looking to Costs Costs on Household Budget

Here’s some market research info from Maru;

More than 4 in 5 Britons say that they are likely to try and secure cheaper insurance deals in 2025 in order to save money as the cost of living continues to bite, reveals a major new study from leading consumer research specialists Maru.

Maru’s cost-of-living research – which has polled 40,000 UK adults at multiple touch points over more than three years to date – found that 81% of UK insurance shoppers are now ‘likely’ to actively shop around for lower insurance costs in order to cut costs this year. The new study comes as costs for consumers remain high, with inflation remaining above the Bank of England’s 2% target and an unexpected rise in inflation to 3% in January 2025.

“Our cost-of-living research shows that Brits are increasingly looking for new ways to cut their spending as rising costs continue to squeeze household finances and reduce spending power. Cutting insurance costs is one of the most common ways in which they are planning to do that – either by trying to renegotiate existing insurance deals or by switching to a new supplier. For insurance businesses, this shift in consumer behaviour underscores the need to actively consider these pressures on their customers when designing products, shaping marketing strategies, and creating customer experiences. Brands that meet consumers where they are — offering value, empathy, and relevance — will be best placed to build trust and long-term loyalty,” said Stephen Brockway, Chief Research Officer at Maru.

According to Maru’s most recent polling, most Brits also think that it is ‘likely’ that they will need to consider further cuts to their spending, including holding off on big purchases and spending less on food, clothing, energy and home appliances.

Here are the most common ways in which Britons are considering saving money:

1.     Eating in rather than eating out – 84%

2.     Shop around for lower insurance costs – 81%

3.     Buying more budget or own brand groceries – 78%

4.     Holding off on big purchases (e.g. holidays, new car) – 76%

5.     Spending less on clothes and shoes – 77%

6.     Using the heating less or turning down the thermostat – 78%

7.     Spend less on home appliances – 73%

8.     Spend less on home improvements – 71%

9.     Switch more of my food shopping to a lower prices supermarket – 68%

10.  Cancel gym subscriptions or memberships – 66%

11.  Spend less on food and groceries – 58%

12.  Seek help/advice on lowering energy bills – 55%

13.  Cancel entertainment subscriptions – 54%

14.  Change home broadband to a lower cost – 53%

15.  Change mobile phone plan to a lower cost – 52%

16.  Improve insulation in my home – 51%

For more information, visit https://www.marugroup.net/.