16 April 2008

Brits delaying family holidays due to credit crunch, says Mintel

British consumers are starting to curb their spending and family holidays are the first thing to go, according to the latest Mintel research.

Its British Lifestyles report found Brits are now really starting to feel the pinch, with 57% saying they have recently had to cancel their spending plans because they were uncertain about their personal financial situation.

Of these, 20% said they delayed a family holiday, 16% did not carry out their planned home improvements, and 11% chose not to increase their savings.

"People are clearly starting to get a sense that things are not as easy financially as they once were," said Mintel chief statistician Peter Ayton.

"In light of the credit crunch, borrowing has now become harder and we are likely to see even more people having to make sacrifices when it comes to their spending in the future."

The consumer research is based on a sample of 2,000 adults aged 16 and above.

By Bev Fearis

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