The AXA Customer Lifestyle Report

We want to understand what it looks and feels like for consumers coping with the ongoing cost of living challenges, so we surveyed people from all walks of life in the UK to find out more.

Following our first two Customer Lifestyle Reports published in July and December 2023, we surveyed 2,000 consumers across the UK, to continue learning about their current financial situation, the challenges they face and the decisions they make.

Consumers continue to take control of their finances

As the challenges of the cost-of-living crisis continue to take hold, consumers are cutting spend in multiple areas to help improve their future financial outlook.

A significant number of consumers are cutting back on various expenses. The data indicates that 83% are reducing spending on the use of appliances, 88% on heating, 49% on insurance, 62% on phone or broadband, 76% on driving and transport, 78% on holidays, 87% on Days or evening out, 81% on hobbies and activities, 85% on takeaways, 86% on food shopping and 66% on alcohol.

Percentage of consumers cutting back on selected categories Household 88% have cut back on Heating 83% have cut back on Use of appliances 76% have cut back on Driving and transport 62% have cut back on Phone/ broadband 49% have cut back on Insurance Leisure 87% have cut back on Days/ evenings out 81% have cut back on Hobbies and activities 78% have cut back on Holidays Food and beverage 86% have cut back on Food shopping 85% have cut back on Takeaways 66% have cut back on Alcohol

Consumers are more proactive in managing their finances

Consumers are also developing positive habits that help them manage their finances better.

illustration of an old couple working with a laptop in their home


83%

Are more likely to discuss finances with loved ones

29%

Are more likely to research on financial or money-saving advice

30%

Are less likely to ignore their financial situation

Want to know more? Find out how consumers across the UK are coping with increased living costs and its impact on mind health.

Download the AXA Customer Lifestyle Report infographic now