More than 18.6 million Britons have secured or are looking for an additional source of income due to the cost of living, as four out of five have reduced their spending.
Inflation is at its highest level in three decades and a new peak is expected in April.
Research by beauty brand Avon suggests that women are particularly affected, with nearly three-quarters saying they worry about their finances when prices rise in April, compared to 56% of men. As a result, about two-fifths of women are considering, or have already secured, an additional source of salary, which is reduced by 31% for men.
For more than 45.2 million people, the potential financial impact of the crisis has forced them to cut costs. Among the top things that the British are reducing their spending are eating out, buying new clothes and spending the holidays. Although 19% of Britons would unsubscribe from streaming or TV services, this would increase to about a quarter of a millennium. Interestingly, there is also a disparity between women and men; More than half of women are reducing their self-medication compared to 30% of men.
In addition to luxury, the British are reducing their spending on more practical or essential items such as energy consumption, groceries, travel expenses and fuel purchases.
For more than 135 years, Avon has been providing women with opportunities to earn and learn, helping them build financial independence on their own terms. In order to increase accessibility and break down barriers, Avon has revolutionized its representative revenue model: lowering the revenue threshold from the first sale of any product and increasing its chances of earning up to 32%.
Based on their relationship by running their own high-touch, high-tech beauty business committed to supporting their representatives, Avon continues to invest in digital development to grow their business online through its Avon On App and Avon Connect training platform. It has also launched its industry-leading, personalized Avon Rewards program, leading more engagements from custom discounts and special offers to grocers and even big money prizes on holidays.
Tracy Powers, head of sales at Avon UK, commented: “It is understandable that there are concerns about the financial impact of the cost of living crisis, especially as prices rise again in April and as a result, more people are looking for one. Additional source of income.
“Our research shows that women are unequally affected by it. For the past 135 years we have championed women, given them the opportunity to earn on their own terms, encouraged financial independence and without compromising on quality we are proud of ourselves as an accessible beauty brand. Whether women want to supplement their income or become a full-time beauty entrepreneur, we’ve introduced an overhaul of our representative earning model to further break down barriers for women to set up their own businesses. “
Avon’s latest study follows a previous study conducted on 9,000 Avon delegates worldwide in the summer of 2021, which revealed that 43% of UK delegates said that making money on their own terms was the most lucrative factor in running their beauty business. For about a quarter of women (22%) in the UK, this has made them more financially self-sufficient, saying they no longer depend on other people for money as much as they used to and increased confidence by almost a third (29%).