Online research on market analyst Mintel’s behalf among 2,000 consumers in July 2008 asked what areas of spending people would be most likely to cut because of the economic downturn.
This was before the banking crisis and recession truly hit, remember.
The respondents were given a list of 36 spending items to choose from and asked to rate whether they would spend less, the same or more.
The survey identified holidays as the sixth most-likely area for reduced spending and weekend breaks as thirteenth. The top ten areas likely to see reduced spending, with the percentage of respondents saying they would spend less on such items, were:
1) Personal treats (80%)
2) Eating out (69%)
3) Takeaway food (68%)
4) Books, DVDs, CDs (67%)
5) Snacks (64%)
6=) Holidays (62%) and Clothing (62%)
8) Gifts (59%)
9=) Lunch (58%) and Shoes (58%)
Spending on weekend breaks was identified as a priority for reduced spending by 56%.
Mintel notes: “Holidays rank relatively high up the list of items where spending might be cut despite being a high consumer priority in recent years.” It concludes “Reduced spending is very likely as the threat of unemployment rises.”