As the number of Individual Voluntary Arrangements (IVAs) and debt management levels continued to rise, Brits spent around £1.09 trillion in an effort to attain a “luxury lifestyle”, the latest report suggests.
Furthermore, the British Lifestyle study from Mintel reflects that while 23 per cent of UK consumers are planning to take a foreign holiday during the coming months, only 14 per cent are focussing on paying off their credit card debt.
Commenting on the report, senior retail analyst at Mintel Neil Mason said: “Rising interest rates and mixed messages about the housing market have, as yet, failed to dampen consumer spending in the high street.
“The clear message is that it takes a lot to dampen down consumer confidence, as last year Brits continued to spend, spend, spend.”
Meanwhile, figures from Credit Action recently demonstrated that the level of personal debt among UK consumer is in excess of £1,318 billion.