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32% of consumers to reduce household spending this year, data finds

Linda Ellett, head of consumer markets, said that faced with inflationary pressures, some businesses are ‘mulling up’ their prices but they will be mindful that they are operating in a marketplace where consumers are having to ‘tighten the purse strings’.

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With the cost-of-living “squeeze” underway, 32% of consumers plan to cut back on their household spending this year, according to a survey of 3000 UK consumers by KPMG.

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