Squeeze on household budgets forces cuts of up to 40 per cent in some areas of consumer spending | Debt Advice Foundation

Squeeze on household budgets forces cuts of up to 40 per cent in some areas of consumer spending

As High Street shops continue to close, new research shows that new clothes and home furnishings have taken the brunt of dramatic consumer spending cutbacks over the past five years.

The research, carried out for VoucherCodes.co.uk, suggests that consumers have cut back by 42 per cent on the money they feel able to spend on new clothes.  Spending on restaurants and home furnishings is next on the cutback list, at 30 per cent and 29 per cent respectively.

As High Street shops continue to close, new research shows that new clothes and home furnishings have taken the brunt of dramatic consumer spending cutbacks over the past five years.

The research, carried out for VoucherCodes.co.uk, suggests that consumers have cut back by 42 per cent on the money they feel able to spend on new clothes.  Spending on restaurants and home furnishings is next on the cutback list, at 30 per cent and 29 per cent respectively.

Shopping for expensive groceries has been reduced by 27 per cent, while money spent on holidays and breaks has dropped by 23 per cent.

The budget for a new car is down by 20 per cent, and there has been a 19 per cent reduction in money spent on cinema tickets.

For more on this story, go to http://www.vouchercodes.co.uk/press/release/consumers-cutting-back-on-luxuries-and-relying-on-essentials-in-2013-96.html

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