Belts are being tightened due to the economic downturn, two surveys released today show.
Around half of British adults will be cutting back on their spending over the year to come, a new poll reveals.
Consumer group Which? released the survey today, showing that 46 percent of its members are looking to reduce expenditure. Not purchasing non-essentials such as CDs and books were also identified by respondents as a way of making the cutbacks.
However, some are still planning big-ticket purchases, with one in five members saying that they go for top-quality audiovisual goods due to their lasting longer than cheaper products.
Commenting on the new research Jess Ross, editor of which.co.uk, said: "Difficult times call for extreme measures and it's clear that some people won't be splashing out on luxuries in the near future. People still want quality, but it's all about value for money."
Meanwhile, research from Birmingham Midshires, also released today, shows ways in which Britons are currently cutting back on their spending in the economic downturn.
According to the poll, 52 per cent of people have switched to supermarket own brand products, 36 per cent are eating out less and nine per cent are to give up their gym memberships.
Additionally, five per cent told the lender that they were planning to give up their satellite TV services.
