A financial expert has revealed that the majority of Brits are happy to accept the fact that they will retire in debt, rather than struggle to pay it off before they turn 65.
Jonathan Said, a senior economist at the Centre for Economics and Business Research, said that although Britons are now aware of the risks of interest rate hikes and the effects of inflation, they still routinely choose to spend beyond their means in order to maintain a good lifestyle.
Wednesday, May 16, 2007
British Consumer Spending
Consumer spending in Britain rose to a record £1.09 trillion last year, according to the latest figures from market analyst Mintel.
Despite the pressures of rising interest rates, higher fuel costs and an uncertain housing market, Britons' taste for the high life meant that consumer spending on luxuries such as eating out, holidays and clothes increased by nine per cent more in 2006 than in the previous year.
Despite the pressures of rising interest rates, higher fuel costs and an uncertain housing market, Britons' taste for the high life meant that consumer spending on luxuries such as eating out, holidays and clothes increased by nine per cent more in 2006 than in the previous year.
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