Careful shoppers make a comeback

30/04/2009

The credit crunch has made Brits adopt a "no frills" lifestyle - with many preferring to snap up second hand goods rather than splurge on luxuries.

According to a poll from Abbey, almost six in ten people are more willing to buy economy products now than they were last spring.

In the last year, the economy has entered recession, the credit crunch has got worse and unemployment has risen to well over two million people.

Meanwhile, Abbey said that more than half of Brits see "no frills" products as "basic yet good value".

Surprisingly, people aged under 20 years old were found to be the most likely to cut costs through buying these goods.

Just under a third said that they had always tried to buy cheaper products - and would continue to do so in the recession.

Roger Lovering, managing director of Abbey Credit Cards, commented: "It's no surprise to see Britons reassessing their spending habits at a time when every penny counts, and it's encouraging that so many of us are embracing the 'no frills' lifestyle.

"In today's difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day."

Tags; Budgeting Advice, Recent Graduate Debt,

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