In contrast, spending on clothes shopping, and leisure activities such as sports clubs and cinemas has dropped.However, looking back since last year, spending on groceries has actually dropped by 4% per consumer in July 2022, compared to July 2021, suggesting many are looking for cheaper products.
McDonald's recently said it was increasing the price of its cheeseburger to €1.70, and Revolut's data shows that spending at fast food restaurants was up 5.7% per consumer in July, compared to June. Spending on airlines was up 13.7% per consumer in July 2022, compared to July 2021, spending on cruise lines was up 52.5%, tourist attraction spending was up 19%, and spending on hotels and resorts was up 80.5%.
As inflation rises, consumers are not just cutting back on supermarket luxuries. Spending on clothes shopping and leisure activities is decreasing or stagnating.