Understanding Scotland Economy Tracker - February 2024
Our survey shows two in three Scots (67%) have resorted to reducing non-essential purchases, while significant proportions continue measures such as cutting back on energy use (64%) and leisure activities (62%).
Additionally 45% report decreased savings contributions, and over a third are tapping into them for everyday expenses. These coping mechanisms are particularly prevalent among younger age groups, underscoring the disproportionate impact of the high cost of living on working-age individuals.
The Understanding Scotland Economy Tracker survey tracks economic attitudes and spending intentions from more than 2,000 members of the Scottish adult population every 3 months. The fast turnaround time, as the data is published two weeks after collection, means early identification of changes in trends to support decision-makers.
The study reveals a cautious outlook among Scots regarding future spending. Both essential and non-essential spending expectations show little change, indicating ongoing caution amidst economic uncertainty.
Furthermore, the latest findings highlight generational divides in priorities. Healthcare and the NHS are paramount among older age groups, whilst younger individuals are more focused on addressing rising living costs.
The study also reveals growing doubts among Scots about Scotland's trajectory, with the majority (58%) believing that the country is heading in the wrong direction. This marks a three-percentage-point increase from the previous wave and reflects an increasing sense of pessimism about the future.
Read more:
Press release - Two thirds of Scots continue to reduce spending.
David Gow’s blog - Scotland’s Generational divide - the economy.
Watch the launch event recording here.
