Brits tighten belts as downturn continues

21/08/2008

Britons are remaining attached to life's little luxuries - despite rising prices and the economic downturn.

New figures from Birmingham Midshires, released today, show that significantly fewer people are making life changes to cut out luxury spending, than are skimping on the basics.

For example, 52 per cent of people have switched to supermarket own brand products - but just nine per cent have given up their expensive gym membership.

Additionally, 36 per cent are eating out less - but five per cent were planning to give up their pay-TV services.

Tim Hague, director of savings and investments at Birmingham Midshires, said: "The effects of increasing bills are being felt right across the country and are inspiring people to make radical changes to the way they live their lives."

Research released by Which? today also shows that 43 per cent of the consumer body's members are planning to reduce their expenditure due to the recent economic downturn.

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. People still want quality, but it's all about value for money."

Tags; Income Worries and Debt, Budgeting Advice, Housing Debt and Bills,

Regional Debt Advice; Debt Advice Birmingham,

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