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Half of Brits feel no worse off one year into the recession. And London leads the way.
September 16th, 2009
Almost half of British consumers think they are financially no worse off than this time last year, according to a recent study.
45% of the 5000 consumers surveyed say that their financial situation is the same or better than it was 12 months ago. Despite the national and international gloom and despondency, a surprising 15% actually believed they were better off.
London leads the way too – despite a cull of jobs across the City (the financial district), London tops the league table with almost a fifth (19%) claiming they are a lot or a little better off than this time last year.
Men are generally doing better than women, and younger groups faring the best – only 1% of 55-64 year olds said they were feeling better off during the recession.
The research, from TNS, also sees a significant proportion of the population who see the recession as an opportunity rather than simply as a threat, with many resolutely determined to fight the challenge head on. These people are likely to see the current climate as an opportunity to profit from the situation – buy property at knock-down prices, take advantage of low interest rates to borrow more or look for great for the best discounts to find the best bargains out there.
There is a significant group out there who are in employment, who have seen their mortgage repayments drop due to lower interest rates, who are bombarded with the latest discounts and special offers from retailers and restaurants; even some major car brands are offering unbelievable deals.
Everywhere you look there’s a special deal to be had. If there isn’t – just ask! (I tried this last week, asking if I could have any more discount if I paid cash. There result was a 25% discount!).
From the ‘Credit Crunch Lunch’ to the ‘2 for 1’ specials on offer in almost every category. Such as Orange, my mobile phone provider, who offer me a ‘2 for 1′ at my local cinema AND a ‘2 for 1′ at the adjacent pizza restaurant each Wednesday night. It’s now even called ‘Orange Wednesday’.
I even subscribed to vouchercodes.co.uk and now get a weekly email telling me where the best deals are to be found.
Will we be able to stop doing this after the recession? My guess is that we will expect more of the same.