Hard up Brits ‘hunting bargains’

Cash-strapped consumers are increasingly turning to low-cost stores such as pound shops while mainstream retailers suffer, a new survey has indicated….

Cash-strapped consumers are increasingly turning to low-cost stores such as pound shops while mainstream retailers suffer, a new survey has indicated.

Cashback site Quidco revealed its average member spends 35 minutes a week checking out as many as six retailers per day to get the best price, something head of PR Jo Roberts said was a consequence of the recession.

She said: "No longer settling for the first price presented to them, shoppers are spending more time searching outlets that offer what they want and for the right price."

This situation may reflect not just tighter budgets due to inflation and wage freezes, but also debt and the need to reduce it.

Debt consolidation measures may help with this process.

The extent to which consumers start to feel better – or otherwise – about their finances after the Budget will depend on the extent to which inflation falls, chief economist at Lloyds TSB Patrick Foley recently commented.

Chancellor George Osborne said in his speech that the typical consumer will be £170 better off after inflation when the £1,100 rise in tax allowance comes into effect in April 2013.

Posted by Paul Thacker
 

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