Consumers cut non-essential spending as living costs soar
Consumers cut non-essential spending as living costs soar
Friday 22nd August 2008
Which? magazine quizzed nearly 2,000 people for its study and found that some 46 per cent are planning to reduce their outlay on books, CDs and DVDs, clothes, entertainment and restaurants.
Meanwhile, nine per cent of the sample said they intend to hold off on buying big-ticket items such as washing machines and TVs until the strain on their finances eases.
Jess Ross, editor of which.co.uk, said: "Difficult times call for extreme measures and it's clear that some people won't be splashing out on luxuries in the near future."
News of the change to consumers' spending patterns comes against a backdrop of higher energy and food bills, as well as soaring repayments on credit card debt and mortgages.
The combined effect of the rise in living costs is expected to see a surge in demand for debt management services this year.
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