Fear of the recession is driving consumer behaviour more than an actual change in circumstances, with around a third of people admitting they have cut back on spending through concern of what may happen to their financial situation.

Fear sees nation’s purse strings tighten

Fear of the recession is driving consumer behaviour more than an actual change in circumstances, with around a third of people admitting they have cut back on spending through concern of what may happen to their financial situation.

Fear sees nation's purse strings tighten

A new report from Mintel, British Lifestyles, finds that while only 43% of people have been personally affected by the recession, 71% have cut spending as a result of the current economic situation.

It seems that big ticket items are bearing the brunt of the cutbacks, with 35% not booking a main holiday in the next six months. Twenty-six per cent said the state of economy has stopped them from carrying out DIY or home improvements.

Seventy-four per cent said they would cut back spend on clothing and 66% would spend less on restaurants. However, just 26% would cut back on drinking at home, although 59% are spending less in the pub.

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