Some luxuries escape the UK recession

A report today suggests that while the recession continues to hit consumers in the pocket there are certain areas of consumer spending which remain ring fenced despite the recession. It would appear that underwear, alcohol, pets and beauty treatments are still very high on the list of must have items for UK consumers.

This is yet another indication of the "luxury spending" which many consumers refuse to give up and has led to reports that UK consumers have increased their debt by a cumulative £24 billion since the UK recession began. While there's no doubt spending money on some small luxuries does help many people get by in troubled times, it would appear that more and more people in the UK are still spending beyond their means.

The vast majority of homeowners in the UK have always believed they could fall back on their equity in troubled times although many who bought houses at the top of the property boom could be struggling with negative equity. Pressure from many different sides of the financial arena is starting to cause problems and more and more people are now struggling to keep one step ahead of their debts.