Britons are scrapping their overseas holidays as they feel the pinch of the cost of living crisis.
Nearly 40 per cent of adults in the UK abandoned foreign holiday plans this year to stay at home and save money because of the crisis, according to a new survey.
Just over half (53 per cent) of those polled said they stuck to their jet-setting plans, while almost one in ten (9.1 per cent) said they were still undecided.
Nearly three in five (58 per cent) of those quizzed admitted they were spending more time at home compared with before the crisis.
Almost one third (32 per cent) said they were spending ‘a lot more time’ at home, while just over a quarter (26 per cent) said it was ‘a bit more time’.
Britons are scrapping their overseas holidays as they feel the pinch of the cost-of-living crisis, according to new research
The insights come from a survey commissioned by the interior design business InteriorNet, which asked digital pollsters Find Out Now to conduct a UK-wide nationally representative survey of 2,000 adults to study their responses to the cost-of-living crisis, covering topics ranging from spending on home improvements to altered travel plans.
InteriorNet commissioned the poll after noticing a spike in those searching its platform for affordable home-design solutions.
The firm pairs owners or tenants wanting to transform their properties with interior designers ‘across all budgets’.
Less than half (43 per cent) of those polled said their lifestyle had managed to stay the same as before the crisis when it comes to going out.
Asked about other life aspects, one third (33 per cent) of young adults aged 18 to 24 in the study said they had shelved plans to move house due to the squeeze on their finances.
And 37 per cent of adults under 34 said they were looking to spend money on sprucing up their home rather than moving house.
Sixty-nine per cent of respondents said they were more conscious of the amount they spend on their home than before the crisis.
Nearly 40 per cent of adults in the UK scrapped foreign holiday plans this year to stay at home and save money because of the cost-of-living crisis, according to a new survey
Among them, 33 per cent said they were ‘much more conscious’, 23 per cent said they were ‘somewhat more conscious’ and 13 per cent said they were ‘slightly more conscious’.
This was more the case among young people in the study, in which 81 per cent of 25 to 34-year-olds said they were more conscious about spending money on their home.
Commenting on the results, founders Stella Pozzi and Sashola Prestcote said: ‘This poll gives a real insight into the stress the majority in the UK are feeling as a result of the cost-of-living crisis.
One third (33 per cent) of young adults aged 18 to 24 in the study said they had shelved plans to move house due to the squeeze on their finances
‘Many have scrapped foreign holiday plans and dreams of moving house. This means millions of people are spending more time at home than ever to save money.
‘We have noticed that they are therefore looking for affordable ways to spruce up their environment, calling on the scores of talented designers out there who can help advise how to make simple changes on a budget.
‘The survey illustrates the massive effects the crisis is having on normal people who are having to make fundamental changes to the way they live.’
Chris Holbrook, founder of Find Out Now, said the findings suggest that lifestyles in Britain are ‘very different to what they were just four years ago’.
He added: ‘We can see that many have been spending more time at home since the pandemic and the cost-of-living crisis has exacerbated that even further.’