British Lifestyles report: Mintel
- When asked about how their spending habits have changed over the past five years, some 56% of all Brits (amounting to 23 million adults) claim to now only buy items when absolutely needed and almost four in ten (37%) say they are buying fewer treats for themselves and their families.
- While just over a fifth (22%) of consumers agree they have been better off over the past year, more than a third (36%) say things have become more difficult.
- A further third (36%) of Brits claim to go on fewer holidays and almost a fifth (17%) are working longer hours as a consequence of the downturn.
- In addition, while in 2008 six in ten Brits (60%) were perfectly happy with their standard of living, this fell to 50% in 2012.
- Today, the top three financial priorities for British consumers are 1. Keeping up with bills (82%) 2. Adding to rainy day savings (67%) 3. Saving for big ticket purchases (58%). Just 6% of adults admit they haven’t changed their spending habits in response to the economic downturn.