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As the UK economic turmoil continues there is hope today that we may finally have seen the end of the boom and bust economic cycle if UK authorities learn by their recent mistakes. But is this...
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Thursday 21st August 2008
Two new surveys, both released today, have laid bare the extent to which Britons are reining in their spending as a response to the credit crunch.
Which?, a consumer group, released figures today showing that around 46 per cent of its members were reducing their expenditure - with the amount of non-essential goods such as CDs and DVDs being bought declining markedly.
Moreover, this conservative mood was found to have spread in to "big ticket" purchases, with one in five saying that they preferred to buy high-quality audiovisual goods, because the devices' superior quality made them last longer.
Jess Ross at Which? 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. People still want quality, but it's all about value for money."
Meanwhile, Birmingham Midshires said today that 52 per cent of Britons have switched to supermarkets' own brand products and 36 per cent are eating out less in response to the downturn.
Moreover, nine per cent have given up their gym memberships and five per cent have cancelled their pay-TV.
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