Spending habits 'changing for Brits'

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Spending habits 'changing for Brits'

Tue 17th Jan 2012

The spending habits of consumers across the UK have changed somewhat over the last year, with a considerable growth in online spending and a fall in high street shopping.

Dr Andrew Sentance, senior economic advisor to PricewaterhouseCoopers, told listeners to the BBC On The Money podcast that high inflation is squeezing the pockets of UK consumers and this has meant many have turned to the internet to find better deals.

He commented: "Consumers are starting to change the way in which they are conducting their spending and that is having an impact on established businesses like Blacks and Millets."

According to research from Legal & General Investments, almost half (48 per cent) of savers are choosing to invest for their future in monthly instalments rather than on a lump sum basis - a figure that has risen from 12 per cent at this time last year - highlighting a shift in the way people are saving as well as spending.

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