Don’t miss the latest developments in business and finance.

Britons limiting spending on heating, takeaways: survey

Image
Press Trust of India London
Last Updated : Feb 03 2014 | 8:06 PM IST
More than half of Britons are cutting back on heating, takeaways and clothes shopping, with the number of people worrying about their financial future having risen for the first time since 2011.
Market research firm Nielsen said 60 per cent of Britons are seeking to reduce their electricity bills, 58 per cent have cut back on expanding their wardrobes, 57 per cent have cut out takeaways and 55 per cent are switching to cheaper brands in the supermarket.
The personal cutbacks come as UK consumer confidence recorded its first drop since the last quarter of 2011.
The Neilsen poll of 30,000 people found consumer confidence in the last three months of last year dropped three points to 84, with levels above 100 indicating optimism, and levels below that indicating pessimism.
Britons' confidence had reached a six-year high of 87 in the previous quarter, the Guardian reported.
"British consumers are increasingly recognising improvements in the economy, but they are still cautious and likely to continue to modify their buying and consumption habits to save money," Chris Morley, managing director of Neilsen UK and Ireland, said.
"This is in stark contrast to confidence levels in Germany, for example, where consumer cost-cutting is almost half the level it is here," Morley said.
German confidence is ahead on 95, up 3 points on the previous quarter.

Also Read

First Published: Feb 03 2014 | 8:06 PM IST

Next Story