The second annual ING International Survey on Savings polled respondents in 14 countries on a wide range of topics about savings methods, goals and financial comfort level – and the types of spending they are cutting back on.
Less frequent haircuts?
The top area in the survey in which people are spending less is entertainment – such as going to the cinema, restaurants or sports events. The second most frequent is clothing and personal grooming, another discretionary spending area that is often non-essential and can be reduced without too much hardship.
Meanwhile, 31% have not cut their spending at all. This rises to a high of 51% in Germany and falls to 17% in Spain and Italy.
Among the findings are:
- 53% of European consumers are cutting back on leisure and entertainment – so the cinema, dining out and sports events are being enjoyed less often
- 46% are cutting back on clothing and personal grooming. The figure is higher for women (53%), Italians (62%) and parents (50%)
- 23% are cutting back on mobile phones and internet
- 19% are cutting back on transport costs, the fourth most popular category
- 16% are cutting back on utility bills, such as gas, electricity and water
This article is related to the ING International Survey: