The recession was an awful experience in which every family cuts its expenditures to the very core. Or did they? A recently published report reveals quite the opposite, as most families did not abstain from the daily basics and certainly did not reduce the level of expenses they paid on the family pets.
The research firm Mintel reported Britons spent a record 13.2 billion pounds last year on, believe it or not, personal care items. Even if their finances were suffering greatly, men and women alike were going to treat themselves to the ”take care of me” line of products.
Richard Perks, research director at Mintel, commented on the approach to spending, by saying: “Adults are increasingly concerned with their personal appearance and presentation.” Example of this is obvious in their spending. During this past decade, as one example, the amount of money spent on make up has increased almost no per cent to a high of 1.26 billion pounds. Big money is also being spent on items like anti wrinkle creams and whitening toothpastes.
The spending was also evident in choices of clothing as more than 10 per cent reported buying most of teir clothing from teh designer side or at least high-end retailers.
Accessories like jewelry and watches are also flying off shelves in record numbers, according to Mintel.
Pets had it the best though, with owners not even considering dropping the quality of their food, but rather improving it to include organic and hormone free brands.
Overall, less than 50 per cent reported being worse off as a result of the recession. Although, many remain in a recession type frame of mind and expect the near future to be tight on money due to the tax levels and the cost of living.