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Shopping habits change following crunch

Published: 06/11/2009

Savvy shoppers are reducing adverse credit and cutting costs by using the internet, Deloitte has said.

New industry analysis from the research firm has revealed that 52 per cent of customers have changed their retail habits in the wake of the credit crunch and recession.

Deloitte pointed out that costs were being cut from luxury budgets - with 45 per cent reducing the amount they spent on clothes and 50 per cent have spent less on entertainments from 2008 to 2009.

However, essentials such as food and groceries were revealed to be faring better, as 78 per cent spending as much or more on the items this year.

Tarlok Teji, UK head of retail at Deloitte, said: "The digital age has made information available 24/7 and now, anyone with the internet has the ability to research products, prices and opinions and with mobile technology this can be done on the go.

"This has created an unprecedented level of transparency."

Recent data from financial charity Credit Action showed that the collective national personal debt stands at almost £1.5 trillion.

This is equivalent to around £60,000 per household.

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