May 29th, 2023, Kineree Shah
Amid the volatility in energy prices, UK households are poised for some relief, with analysts predicting a substantial decrease in the UK's household energy price cap of more than £1,200 in the coming months. Despite these reductions, it's important to note that the cap remains nearly 60% higher than pre-energy crisis levels, highlighting the enduring pressure on households.
In 2021, two in five Britons spent £1,000 or less on combined gas and electricity (43%). However, by 2023, the spending pattern shifted noticeably. The proportion of households spending less than £1,000 on energy services halved (20%), while the percentage of consumers spending over £2,000 saw a significant uptick. For clarification, it's important to note that the data referenced here has been sourced from YouGov Profiles, a rolling database, rather than from two separate polls conducted at distinct times. This method of data collection enables continuous updates, providing a dynamic snapshot of public opinion rather than fixed points in time.
Our data illustrates a sharp increase in consumers spending between £2,001 and £2,500 on energy bills, jumping from a mere 2% in 2021 to 13% in 2023. Simultaneously, there was a ten-point surge among consumers spending more than £2,500, escalating from 1% in 2021 to 11% in 2023.
This data, coupled with the forecasted drop in the energy price cap, paints a picture of a complex and challenging energy landscape for UK households. While the expected price cap reduction may offer some relief, the survey data clearly indicates that many households have faced, and continue to face, substantial increases in energy costs.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the UK market is nationally representative of the population and weighted by age, gender, education, region, and race. Learn more about Profiles.
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