How Is The Cost Of Living Crisis Affecting Malaga?

There are regular news reports about the cost of living crisis within the UK, but how are people coping in Malaga? 

Can families in Malaga keep up with the escalating costs of living? A recent study from Malaga’s Consumer Union reveals the financial strain faced by many households.

A report published earlier this month highlighted a concerning trend in which families are tightening their belts to combat the significant rise in living expenses. The Malaga Consumers Union, through its ‘Let them not consume you’ initiative, funded by the Malaga City Council’s Commerce Area, conducted a revealing study.

The Impact of Inflation

The study found that monthly living costs have jumped by €426.44, amounting to an annual increase of €5,117.28. Essential items like oil, energy, fuel, and various foodstuffs have seen notable price hikes. This upward trend in prices, particularly noticeable since the pandemic, has sparked widespread worry among consumers.

Adjusting To Rising Costs

A significant 77.1 per cent of respondents have had to forego certain products, with oil and fish being the most affected. Moreover, 65.7 per cent have curtailed spending on services, with travel (62.5 per cent) and cultural or leisure activities (41.7 per cent) most impacted.

Unfortunately, this has also extended to essential health services, including dental care, with 33.3 per cent reporting cutbacks.

Coping Strategies

In response to these challenges, many have adopted various strategies. Around 94.3 per cent are now more mindful of offers and promotions, while 74.3 per cent are turning to private label products and price comparisons.

Public transport use has risen among 25.7 per cent of the population, and 57.1 per cent are actively reducing electricity consumption. Furthermore, 48.6 per cent are repairing rather than replacing broken items, and 25.7 per cent are reusing clothes within the family.

Consumer Concerns

The survey also highlighted the psychological impact of these financial pressures. A significant 65.7 per cent of participants reported the highest level of concern, with 28.6 per cent expressing a slightly lower, yet still substantial, level of worry. None of those interviewed were unaffected by these challenges.

This financial squeeze is compounded by an increase in scams and frauds, affecting 17.1 per cent of those surveyed. The prevailing sentiment among consumers is one of suffocation and frustration, underlining the need for effective solutions and support during these trying times.