Brits planning to save £1600 by reducing spending in 2019, reveals survey

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7th February 2019 16:30 - FMCG

Brits planning to save £1600 by reducing spending in 2019: More than half of those polled (56%) in a spending habit survey have said they plan to cut down on buying products this year - with an average save of £131 each month - equating to £1572 per year.

The poll of 1,002 by Paymentsense found that the main reason for planning spending cutbacks was to keep up with the cost of living - the option selected by 42% of respondents.

Other reasons given for a halt on spending was to afford a holiday in the UK or somewhere that required a flight (42%), because of rising prices due of Brexit (14%), decorating or renovating their home (14%) followed by a new car (11%) or new house or flat (11%).

What will consumers be going without in 2019

So, what will consumers be giving up to save the extra cash? According to the poll, the number one thing they plan to forsake is restaurant visits with 35% saying they would be cutting down on eating out.  Takeaways are the second thing on respondents’ list (33%) followed by buying new clothes (31%). Sweet treats (cakes, biscuits, chocolates) and crisps were next on the list with 27%, while just under a quarter (23%) said they would forgo the pub in order to save some extra cash. 

Just under a fifth (18%) said they would switch to less expensive toiletries to make savings, while spending less on meat (16%), high-end health food (13%), and premium baked goods (12%) also cited. 

Eight out of ten millennials (80%) plan to curb their spending in 2019 compared to four in ten over  65s.

In terms of the regions where people are planning to save more, London came out on top with 62% planning to cut back on spending, followed by the South East and North East (both 47%). People in Wales are the least enthusiastic about spending with just under a third (32%) planning to restrict what they buy. 

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