Savvy shopping Brits spending less on leisure: study
by Jak Phillips | 12 Jun 2015
34 per cent of UK consumers cut back their spending on leisure and entertainment in 2014 / Shutterstock.com
More than one third of Britons spent less on leisure last year, as the legacy of the
recession saw shoppers cut back on virtually all sectors of expenditure – despite 2014 marking the fastest rate of economic growth in the UK since 2007.
The findings from Mintel’s new British Lifestyles report – which tracks the activity of all consumer sectors in the UK – shows that over the past year consumers are more likely to have spent less in every area except in-home food.
Analysts said that consumers continued to favour the thrifty approach to expenditure which they developed during the recession, as low wage increases and a high cost of living mean many are yet to feel the benefits of the recovery.
“The savvy shopping habits that people have adopted during the slowdown are deeply engrained and there is still a lot of ground to make up,” said Ina Mitskavets, senior consumer and lifestyles analyst at Mintel.
“Even though the growth in the economy has picked up in earnest over the past year, households have not yet seen a sustained period of earnings growing above prices in the shops, meaning that for many Britons the recovery is yet to trickle down to their pockets.”
The top three areas where UK consumers cut spending in 2014 were eating out, with 36 per cent saying they spent less over the past year, drinking alcohol out of the home (35 per cent) and leisure and entertainment (34 per cent).
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More than one third of Britons spent less on leisure last year, as the legacy of the recession saw shoppers cut back on virtually all sectors of expenditure – despite 2014 marking the fastest rate of economic growth in the UK since 2007. The findings from Mintel’s new British Lifestyles report – which tracks the activity of all consumer sectors in the UK – shows that over the past year
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