Consumer insights – spending on luxuries

One person’s luxury is another’s necessity. Online research company fast.MAP asks UK consumers what they are cutting back on and which luxuries they couldn’t bear to give up.

The research took place in October in advance of the Government’s much-anticipated spending review, and gives marketers valuable insight into which products and services are vulnerable to people’s belt-tightening.

Key findings include:

• TV packages, mobile phones and broadband contracts top the list, with 43% of people view seeing them as must-haves.
• 28% of consumers are determined to hang on to their main holiday.
• People in the 65+ age group are least likely to cut their spending as they are on a fixed retirement income and don’t face the risk of redundancy.
• 9% say they will not give up making regular pension contributions.