Consumers who were once willing to spend up on more socially responsible goods that often cost more may now think twice amid rising interest rates and accelerated inflationary pressures, according to a UBS survey.across energy, food, fuel and interest rates, with house prices falling. These pressures have yet to weigh on spending given low unemployment and rising wages and higher household savings.
UBS head of Australian ESG research Camille Wynter said this trend was particularly evident with those earning less than $48,000 a year. Home improvement spending intentions remain elevated for high-income earners now, but are falling for low and middle income earners, the survey noted.
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