Intrum : Changing the way we pay – adapting to consumer trends

In September, the UK and Ireland boss of Supermarket Aldi said the cost of living crisis has transformed the way customers shop for groceries. Giles Hurley claimed that rising living costs have created a shift in attitudes, saying "a new generation of savvy shoppers have turned their back on traditional full price supermarkets".

Findings from Intrum's European Consumer Payment Report - an annual survey of 20,000 consumers across Europe - also show that consumers are questioning non-essential purchases such as digital subscriptions and take away coffees.

Two thirds (65%) said the rising cost of living has made them more aware of how much they spend on things they don't need. A similar number (67%) are more inclined to buy the cheapest possible alternative of a product of service than they were 12 months ago.

To manage the impact of high interest rates and inflation, seven in 10 consumers said they would spend less on day-to-day expenses such as meals out and gifts in the next 12 months. In addition, 60% said they were likely to cancel or reduce their spending on a holiday or weekend trip.