Britons adjusting spending to save money
26 January 2010 17:07:15
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| Brits are bolstering their savings accounts for a rainy day. |
The latest consumer confidence survey from Nielsen and the British Retail Consortium suggests that half of Britons believe the country will still be in recession by the end of 2010.
This is despite the fact that new figures from the Office for National Statistics indicate the country has technically exited recession thanks to a weaker-than-expected 0.1% growth in the economy in the final quarter of 2009.
Seven in 10 people responding to the Nielsen-British Retail Consortium survey said they were trying to save more money, with levels of personal debt cited as the biggest worry for most.
Justin Sargent, managing director of Nielsen Consumer UK, commented: "We are in the foothills of what will be a slow climb out of recession.
"The number of people saying they are saving is at the highest the consumer confidence survey has ever recorded and people remain very concerned about the amount of debt they are shouldering."
Stephen Robertson, director-general of the British Retail Consortium, confirmed that consumers are trying to cut costs.
"That means spending less on things such as new clothes, saving on utility bills and buying more supermarket discount goods," he added.
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