Marlow, 18th September 2008. The financial crisis in Great Britain has now reached private households. 82 percent have confirmed that they are already cutting back on luxury goods or will be doing so in the future. This was the finding of a current survey by the market research agency Maritz Research.
The British are cutting costs in a number of ways: 83 percent of the British home owners see a change of utility supplier as a good way of reducing their expenditure. Almost a fifth (19 percent) has already downsized their car, and a further 31 percent are giving serious thought to this possibility. Almost half of those who were surveyed (47 percent) have gone without a holiday. Those who have remained at home have spent more time in their garden: 27 percent are already growing their own vegetables for cost reasons, while a further 32 per cent are seriously considering starting.
"The troubling news about the state of the economy does not look set to improve. Due to the bail-out of Merrill Lynch and the bankruptcy of Lehman Brothers in the US, the credit crunch has reached a new summit", explains James McCullagh, Director of Financial Research at Maritz Research. "The British are increasingly pessimistic about the future. As a result, in light of the current situation, many are trying to reduce their outgoing expenditure".
Alternatives to saving
But the focus is not just on saving. UK citizens are also on a quest for alternative sources of income, clearing out cellars and attics in order to make profit at a car-boot sale. Almost three quarters of those taking part in the survey (73 percent), are now considering selling property on EBay or have already done so. Furthermore, it appears that the days when only one half of a married couple went to work are more threatened than ever. In two thirds of the cases (67 per cent), the partner had already gone back to work or was planning to do so.
There does appear to be one positive effect of the current credit crunch: 35 percent of those questioned said that they had already given up smoking as a result of the economic situation, whilst a further 38 percent were seriously thinking about it.