Over half swapping nights out for evening in as budgets tightened during cost of living crisis

More than half of people are to cut back on nights out in favour of an evening at home in an effort to beat the cost of living crisis, according to new research.

A survey found 51% are to content themselves with box sets, video games and board games instead of a night at the pub due to tightening budgets.

Almost a third said they were also considering the necessity of every single purchase they made.

Research conducted by Barclaycard found spending on non-essential items grew by just 1.0% year on year, which is the lowest point since February 2021, when coronavirus measures were still in place.

More than half of people polled are planning to cut down on discretionary spending, such as buying clothes or eating and drinking out, to be able to afford their energy bills this autumn and winter.

Nearly two thirds, 65%, of those questioned said they are finding ways to save energy at home to help them afford rising household bills.

Turning off lights when they leave a room, wearing more layers, and boiling only as much water as they need are among the habits people are adopting, according to the research.

A further 39% of those surveyed have already started putting money aside for Christmas, to ensure they have enough saved for gifts and get-togethers.

Despite the pressure on household budgets, 17% are spending less on themselves so they do not have to reduce their spending on their pets.

Esme Harwood, director at Barclaycard, said: “Consumers continue to take a resourceful approach to money management – including putting aside money for Christmas – which will become even more important for weathering the unpredictable months ahead.”