Lifestyle report reveals emphasis on spending

A report from market analysts Mintel has revealed that a higher standard of living has become increasingly important in the UK over the past ten years, with more people choosing to spend their money today rather than save for tomorrow.

The survey shows increased emphasis on “the home environment” with more and more people choosing to leave office life behind and to work from home instead. Levels of spending on domestic luxuries such as new cars, convenience food and alcohol have also increased.

The launch of the National Lottery has also seen a sharp rise in the amount of money spent on gambling

However, the report also uncovers that more and more people are choosing to place their money into “nest building” with greater interest in personal finance and pensions. People are also more willing to splash out on funeral arrangements with many planning their own service well in advance of the actual event.

Shaheed Alam, chief statistician at Mintel said that the survey’s result boded well. He added: “There are indications the British consumer has carried on spending despite the fears and compared to the situation in the early 1990s, consumer confidence is in a much better state and we remain positive about the prospects for the economy.” (CL)