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Consumers tailor spending behaviour

Consumers tailor spending behaviour

Category: Savings

Updated: 23/03/2009
First Published: 23/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savvy savers are battling against the credit crisis by reducing their spending by almost £1,800 a year.

Britons are saving almost £1,746 a year by cutting down on essential and discretionary purchases, with almost seven in ten (69 per cent) shaving over £17 off their food bill, while six in ten have cut their weekly entertainment budget by £19.47.

The findings are part of research by Abbey, which also found that the trend of shrewd purchasing is to continue. More than half intend to reduce their spending on food even further and 30 per cent will make savings on financial products, such as switching to a zero per cent credit cards.

Consumers are also increasingly likely to scour Sunday car boot sales and charity shops in a bid to snap up bargains, while four in ten claim that they are happy to haggle on the price of goods.

"At a time when people's finances are becoming ever more stretched, it's not surprising that Britons are becoming more astute about how they shop and are prepared to shop around and economise to make their money go further," said Callum Gibson, head of credit cards.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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