Thaindian News

London, Aug 26 (IANS) Technology buff Britons spent a whopping 50.5 million pounds on gadgets last year when recession was the buzz word for economists across the world.
Spending on technology such as phones, TVs, MP3 players and laptops has risen 80 percent in five years, according to a new survey. And it is predicted to grow 140 percent over the next five years, The Sun reported.

Despite tightening their budgets, the spending of Britain’s 10.2 million dog owners and 9.7 million cat owners on their pets increased by four percent.

The credit crunch could not deter the fashion aficionado in the country as an average Briton spent 750 pounds on clothing last year, up half a percent from a year before.

Spending on pants alone rose by one percent, said the annual British Lifestyles report by pollsters Mintel, who quizzed more than 2,000 people on their spending habits, lifestyle choices and future plans.

The survey, however, found that seven out of ten Britons have made saving their priority and they feel “very cautious” about spending cash on anything “non-essential”.

Yet, a quarter of adults surveyed were unable to save anything because money is so tight after the global financial crises, the report said, adding that more than 55 percent say their biggest worry was their own finances and 62 percent say they are most concerned about the economy in general.

Brits have cut back on holidays abroad and fancy supermarket food. The report suggested that foreign trips are now seen as a luxury by around half of adults, compared with just 38 percent before the recession.

The average annual holiday spend for a Brit today is 520 pounds a person - a dip of five percent over the previous two years.

While spending on eating out last year virtually stayed the same as 2008, eating at home rose by 3.4 percent, with the average person spending 1,054 pounds on groceries.

Seven out of ten people surveyed say they were now searching for ways to save money on supermarket shopping. Many are switching from premium brands, while poultry and burger sales are rising at the expense of pricier meats.

“Saving has become a goal in itself for some Brits - almost a fetish,” research director Richard Perks said.

“The next year will see consumers continue to focus on value-for-money and budget brands, including own-label products.”