What luxuries are Brits still making room for in the budget despite money pressures?

Are Brits cutting back on luxuries amid the cost of living crisis?

Transcript

00:00 It's been reported that inflation rose by 3.2% in the year to March 2024. This is the

00:07 lowest rate since September 2021, yet it still remains above the Bank of England's 2% inflation

00:12 target and the bank is not expected to cut interest rates when it meets in May. So, soaring

00:18 food and energy bills combined with the implications of global conflicts has meant the UK continues

00:23 to experience high inflation. But whilst Britain cuts back, are there luxuries that we just

00:28 can't seem to live without? Well, according to data from comparison site Idealow, despite

00:34 the cost of living pressures, Brits are reportedly spending £6.4 billion annually on cosmetics.

00:40 Sweet treats were also the small luxuries that it's reported that we're splurging on.

00:44 Though, the Office for National Statistics did report that retail sales volumes, i.e.

00:49 the amount of stuff bought in Great Britain, fell by 3.2% in December 2023. But despite

00:56 this, what luxuries are people in our region still happy to splurge a little bit more on?

01:00 Let's take a look.

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