As we begin 2023, the economic headwinds against the UK are very strong, currently facing a triple whammy of economic pressures.
According to the Consumer Prices Index (CPI), inflation rose by 11% in the 12 months to November 2022. UK taxes are some of the highest on record; new analysis by the Tax Payers Alliance has found the five year average tax burden is at a 70-year high. And consumers are not feeling very confident, with PWC reporting that consumer confidence stands at -44 – a sentiment worse than the -26 at the start of the pandemic.
With news like that, every household has had to make hard choices during this cost-of-living crisis. One area of the household budget that could be construed as an "easy decision" is the amount spent on entertainment. When it comes to food, house payments and energy, discretionary spending on entertainment, by contrast, is often way down on the list of priorities.