NEW research released today by KPMG has revealed boosting their savings would be a top priority if the impact of the cost-of-living crisis was to ease.

KPMG UK’s Consumer Pulse survey gauged the quarterly confidence and buying behaviour of 3000 UK consumers across regions, ages and income groups during September.

Fifty-six per cent of 320 people in Scotland surveyed said savings would be the first thing on their mind if financial pressures were to change in the coming months. They also said they would switch to more branded products or ones with sustainable or ethical credentials.

Most of the consumers polled reported a split when it came to how essential costs were impacting their discretionary spending.

A total of 44% said they have had to cut back whereas 46% said their discretionary spending budget was the same as last year.

Commenting on the findings, Linda Ellett, KPMG UK’s Head of Consumer, Retail and Leisure, said:

“As household cost pressures have ramped up over recent years, many consumers have been forced to adapt their budget – cutting discretionary spending and finding savings on their essential costs where possible.  Market share for lower price retailers has grown, as has the amount of people trading down to own brand and value goods, and actively searching for offers.

“Many consumers have taken cost-cutting steps to balance their budget and are now maintaining that, but as thousands of householders come out of their mortgage fix and have to enter higher-cost deals, consumers are still cutting spend elsewhere in order to adjust.  This is reflected in half of consumers telling us that they’ve cut non-essential spend so far this year, and one in three saying they are using even more cost-cutting tactics when shopping.

“Many of these behaviours when shopping are so instilled now in many of us, that even when posed with the scenario that essential costs ease, providing more cash in the pocket, few would reduce their cost-cutting buying behaviours.  Consumers instead are far more likely to save any extra cash.”

There were no surprises when it came to areas that people have cut back on in terms of spending with takeaways, eating out and clothing being the areas most hit.

The biggest treats people have splashed out on are a holiday or weekend break, a coffee out or chocolate, desert or sweet treat at home.