More Britons are buying “no frills” goods in order to help them with debt management in the wake of the economic downturn, it has been noted.
A survey by Abbey Credit Cards has shown household products and food to be the top two areas in which consumers have switched to basic items rather than “flashy” brands.
And 58 per cent of the UK adults questioned by the firm stated that they are more likely to buy “no frills” names than they were a year ago.
Director of Abbey Credit Cards Roger Lovering said: “It’s no surprise to see Britons reassessing their spending habits at a time when every penny counts.”
He advised people that it is “essential” to review monthly outgoings in order to “make your money go further” in today’s economic climate.
Elsewhere, research from National Savings and Investments has found that a third of UK adults do not have any funds set aside that they could use in an emergency.
By Jamie Price