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New research indicates that people across the UK are reducing their socialising outside the home, opting instead for ‘me time’ and saving a national total of nearly £86.6 billion each year.
The shift reflects a widespread embrace of the “Joy of Missing Out” (JOMO) over the traditional fear of missing out (FOMO).
The Virgin Media study, which surveyed 2,000 UK adults, found that the average Brit saves £130.74 per month by choosing to stay in. This trend is most pronounced among millennials, who report banking an average of £209.32 monthly, equating to over £2,500 annually.
Financial pressure, particularly from the cost-of-living crisis, is cited by 42% of people as a key reason for cancelling or postponing plans. The research shows that almost a quarter (24%) of Brits are now willing to cancel social outings to watch their favourite TV shows. A majority (50%) report being more likely to spend money on a streaming service than on a night out.
Beyond financial savings, respondents highlighted the mental health benefits of JOMO. Over three-quarters (76%) agree that regular ‘me time’ is important for stress relief, with watching TV cited as the most popular way to decompress by 68%. This personal time is also a popular way to bond, with 58% saying staying in with a meal or takeaway is a top way to connect with a partner or friend.
The increased acceptance of staying in is supported by a change in social attitudes, as 89% of people now feel there is less pressure to attend social events.
To support this trend, Virgin Media has partnered with comedian Lucy Beaumont and updated its TV packages to include Netflix as standard at no extra cost.
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