A consumer platform claims almost half of Londoners’ income goes on their mortgage or rent, with a third saying they pay over 60 per cent of salary on housing costs.
QuMind says 61 per cent of Londoners report their rent or mortgage payments have gone up in the past year, with almost a third stating that their payments have risen by 40 per cent or more.
And 55 per cent are expecting these costs to increase further over the year or next.
However, very few have plans to curtail hospitality, leisure, TV streaming or other discretionary spending.
Mark Ursell, chief executive of QuMind, comments: “Despite the difficult economic situation, it will be encouraging to the retail and hospitality sectors to see that more than half of Londoners plan to increase their spending compared to the first half of this year.
“As we approach the [Christmas] holiday season, they need to get a clear understanding of what consumers actually want to spend their hard-earned cash on and respond with offerings that truly reflect their wants and needs.”
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