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Job security fears hit spending

Tuesday February 22nd 2011

The sense of job security has decreased for about a quarter of Britons resulting in a reduction in high street spending, a new survey has suggested.

Wavering consumer confidence has resulted in a decline in spending on 'non-essential' items over the past year, the poll of 2,618 adults revealed.

According to the latest data from the Bloomberg/YouGov Household Economic Activity Tracker, the largest fall in spending over the past 12 months has been in clothes and shoes buying.

Other discretionary spending activities which have fallen victim to belt tightening are eating out, purchasing music or movies, drinking coffee out, going to bars and going to the cinema, in that order.

Conversely, spending on groceries, mobile phones and TV subscriptions posted the largest increases over the same period as staying in and staying in touch were prioritised.

On the question of job security, those aged 18-35 felt in the strongest position, while the over-35s felt the least secure.

Approximately 26% on average feel less secure in their job this month compared to last, while 69% report no change.

The pessimists still outweighed the optimists looking at the housing market, with 28% saying they feel their property value has fallen over the same one month period, with only 7% predicting an increase.

Copyright © Press Association 2011

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