Brits cut back on fashion and fine dining

British shoppers are cutting out luxuries such as new clothes, meals out and alcohol in favour of mini-treats such as books and magazine, according to new research from moneysupermarket.com.

The study, which looked at the spending habits of over 5,000 Brits, found that 53% are cutting back on clothes and fashion accessories, while just 17% are reducing their spend on books and magazines. Similarly, 28% of adults have cut back on alcohol and 23% have cut back on the weekly shop. The luxuries fewer Brits are willing to give up include fitness and communications, with only 17% giving up on gym membership just 10% reducing their spend on mobile text messaging.

Sian Harrison, vouchers expert at moneysupermarket.com, said:

“Britons are focusing on how they can make their limited rations go further and choosing to cut back on bigger ticket items like clothes and meals out in favour of smaller touches that will boost their mood, whether a simple bunch of flowers or a trip to the gym.”

According to the report, young British women in particular are adopting self-imposed ‘rationing’ on their personal spending habits – and making frugality more fashionable than flashing the cash on new items. The research found that 37% of young women now focus on finding sale items and end of collection bargains, while 25% have taken to fixing or customising items they already own and 10% only treat themselves if they can use discount codes and vouchers.

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