uSwitch: Credit crunched consumers cut luxuries

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uSwitch: Credit crunched consumers cut luxuries

Thu 9th Oct 2008

Consumers in the UK have saved a collective £2.7 billion during the credit crunch by making small changes to their lifestyles, a new report from uSwitch has revealed.

While 43 per cent have cut back on their trips to the pub, savvy surfers have also managed to make a combined £2 million by selling their possessions on eBay.

Others have started investigating ways they can turn their hobbies into a way to make money, while 34 per cent have sold unwanted items at car boot sales.

Some 77 per cent of people have cut down on the number of meals they eat in restaurants, the survey found, while 21 per cent have cut out their gym membership in an effort to save.

According to the survey, half of adults in the UK say they have saved up to £50 a month by making small cutbacks elsewhere. An additional 34 per cent assert they have saved between £50 and £100.

"Consumers must continue to fight back if they are to keep their head above water at what is still a volatile time," said Ann Robinson, director of consumer policy at uSwitch.

Meanwhile, Family Investments has reported that 83 per cent of parents are cutting back on purchases of beauty products to save for their child's future.

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