UK consumers will spend this year 20% more in technology, communications, clothing and adornment than they did in 2010. Shopping Nights Out and Luxury Vending Machines will become rising stars in the upcoming 12 months.
UK consumers are set to increase the expenditure on technology and communications products by 20 per cent in current price terms over the next five years.That is the view of market research company Mintel, which indicates that the technology sector has been one of only two retail areas to experience significant sales growth in the last 12 months.
According to the study, clothing and adornment is the other industry sector where consumers have not compromised despite widespread concerns over money and employment.
Mintel suggests that UK consumers spent £46.2 billion on clothing and £50.5 billion on technology and communications products and services during the course of last year.
However, it predicts that people in the UK will be looking to focus their spending on essential items in the months ahead.These findings make up part of the British Lifestyles report, which gauged the public’s views on their spending patterns and the economy, as well as assessing overall consumer sentiment.
Richard Perks, Research Director at Mintel, said: “With two thirds of adults emphasising saving in the coming year, the prospects for a rapid rise in consumer spending is not looking good.
Source: http://www.fashionunited.co.uk |
