More than half of people plan to consume less over the coming year, according to research from the Henley Centre.
The study, entitled ‘Feeling the pinch,’ has found that it is public anxiety, rather than the actual circumstances, that dictate consumer spending patterns, and notes that levels of financial anxiety are highest in Wales, western England and Northern Ireland.
The High Street sector is likely to suffer as 51 per cent of consumers say they are now less likely to shop for fun and pleasure, while 58 per cent are less likely to keep up with the latest fashion styles.
Additionally, nearly half of those surveyed said they would be less likely to donate to charity.
Source: Brand Republic