A fifth of Brits refuse to give up on luxury spending
The UK might have been going through a tough time economically over the past few years, but research indicates that a fifth of Brits are unprepared to give up on the luxuries of life.
British consumers are spending an average of £7,591 a year on luxuries and some 21% said they wouldn't consider giving up anything in order to save, a survey from Nationwide has revealed.
It indicates that Brits simply cannot do without non-essential treats such as eating out, alcohol and holidays.
A sun-soaked holiday is what we're least willing to give up. We spend £2,816 a year on holidays on average, but just 3% of Brits would consider giving up their break in order to save.
Meanwhile, just 4% would consider giving up the gym, with the vast majority resigned to spending on average £423 a year on membership.
However, people are more willing to sacrifice restaurant meals. Nearly a third of Brits (30%) said they would give up fine dining, which costs the average person £677 a year.
Some 17% of people said they would give up cigarettes and alcohol in order to save the £805 a year they spend on them, while 19% said they would stop splashing out on new clothes, which cost Brits £592 a year on average.
Graham Pilkington, Nationwide's director for banking, general insurance and protection and investments, said: "We all love our little luxuries, but it is interesting to see how unwilling we are to let them go, even if we feel we need to save some cash.
"It may be that people don't quite realise how much money is going on their discretionary spending - for those people looking to tighten their belts it's worth adding up their non-essential spending to see their monthly totals.
"Even cutting just a portion of this and saving it could help them build up a sizeable pot of cash over the year."