CONSHOHOCKEN, PA — The state of the economy coupled with increased living expenses is likely to have a significant impact on life at home, with a substantial number of surveyed consumers saying they expect to cancel or postpone home improvement plans until the current financial picture improves.
That is among the key findings of the annual “Life at Home Report” released recently by home-products retailer IKEA. The report, aimed at providing a snapshot of how people are living and feeling, is the most expansive report of its kind in the world, IKEA said.
Given increased living expenses, the report points to 1 in 10 people anticipating the cost-of-living crisis affecting major life moments such as getting married and having children. Over a third (35%) say they expect to cancel or postpone home improvement plans. More than 20% say they are worried about job security.
Surveying more than 37,000 people globally in 37 countries, the IKEA report reveals that 61% of the people polled say they are worried about their household finances, while 66% are concerned about the general economy in their country as inflation continues to soar.
The outlook for peoples’ day-to-day quality of life is “equally concerning,” with some 43% of those surveyed expecting their hobbies and interests outside the home to be negatively impacted as wallets become thinner – an indication of a potential “financial lockdown,” IKEA said.
“After years of enforced lockdowns for our health, people will likely feel the need to stay at home once again to save on costs, meaning our spaces need to work harder than ever,” said Katie McCrory, who leads the Life at Home Report at IKEA. “Yet worryingly, only half of us (56%) say we experience enjoyment where we live, and 4 in 5 people say they regularly feel frustrated by everyday gripes such as household chores and too much clutter.”