Consumers making significant spending cutbacks
According to AXA, 40% of consumers (equivalent to 20 million people nationwide) made significant spending cutbacks in their daily lives during the three months between January and March 2011. During this period, 40% of consumers say they chose to go out less (up 5% on the previous quarter), 27% reduced their car usage (up 10%), a similar number said they cut back on food shopping and 35% spent less on alcohol and take aways.
Source: Credit Action - August 2011 edition
