INSIGHTS ¦ European Payment Report 2023

Summary
The European Consumer Payment Report 2023 highlights the economic challenges facing consumers amid rising inflation, interest rates, and the cost-of-living crisis. With financial pressures mounting, spending behaviors and attitudes towards debt and payments are shifting, prompting concerns for both consumers and businesses.
UK Summary
Key Points

The UK is experiencing a significant cost-of-living crisis, severely impacting household finances.
Inflation and rising interest rates have led to reduced spending power for a majority of UK consumers compared to the European average.
A substantial portion of consumers are making late payments, with increasing trends among Gen X and Millennials.
High inflation rates are outpacing employee remuneration packages, forcing consumers to cut expenses and use savings for day-to-day costs.
The average over-spender in the UK exceeds their budget by £191, equating to 17% of the average monthly household income.
A growing number of consumers are ...