Brits cut back on spending without needing to

| March 31, 2009 | 0 Comments
”Brits

Six in ten Brits have cut back on spending because of the recession, even though many have yet to feel adverse effects from the economic downturn, new research has discovered.

Research organisation BDRC found that just 17% of UK consumers have been ‘hard hit’ by the recession and forced to cut back on spending.

In addition, over a quarter (28%) of those polled said they expect to go through a negative economic event, such as unemployment or home repossession, in the next 12 months.

A ‘lucky’ 4% said they are better off because of the recession.

Mark Long, BDRC’s director, said the government must not ignore the fact that consumers are choosing to spend less whether or not they are actually worse off due to the credit crunch.

Long said: “We all know that the economy is tougher and that people are losing their jobs and some businesses are closing.

“What’s interesting from this research is that the majority of people haven’t as yet been impacted themselves but they are taking measures to control their future discretionary spend which in turn is making the effects of the recession worse.”

He added that BDRC’s research into the economy will continue, and that the government should use its data to plan its response to the recession.

“This work is going to be available and updated every other month so we hope the study will help inform decision-making at that level and believe the government would be an ideal audience for this sort of research,” Long said.

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