Scaredy-Cats

The latest research from Mintel suggests that fear of the recession is causing people to change their spending habits, rather than an actual change in circumstances.
Mintel reported that:

“While less than half of adults (43%) claim to have been personally affected by the recession, as many as three quarters (71%) of consumers have cut down on their spending as a result of the current economic situation.”

So how exactly are people reigning in their spending?
Research released by Booz & Co. this week found the following:

63% of British shoppers have decreased their outlay.
57% now eat out less
55% buy fewer new clothes
47% are purchasing less personal care and beauty products
45% of shoppers intend to visit hard discount chains like Aldi and Lidl more frequently
61% of participants said they would "trade down" on household products

The full report can be found HERE.