Despite savings and rebuilding finances being a priority for most Britons, technology spending has boomed according to a market research report.
The UK spent £50.5 billion on technology and communication devices in 2009 said the British Lifestyles report from market research outfit Mintel Oxygen. The report also said that the technology sector had grown 80% in five years. The firm predicts another 20% growth to 2015.
"Most sectors of consumer spending have seen falling sales in real terms – mainly because of the recession – with only technology and clothing and adornment seeing significant real sales growth since 2009," said the report.
The recession-beating boom in technology spending came despite continued fears about the economy and doubt regarding job security, taxation and the general cost of living.
"Savings are a key priority among consumers and 70% of adults are focusing on building their wealth and repairing their financial position. The majority of consumers say they are 'very cautious' about spending on non essential items and this is not only restricted to those worst hit."
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