What affect will this have on Luton and its based airlines?
Belt-tightening forces holiday postponement
16 Apr 2008
Mintel reports the credit crunch is starting to impact on UK consumer spending with a holiday the first non-essential to be postponed.
According to the latest British Lifestyles survey, 57% of adults have recently cancelled their spending plans because they were uncertain about their personal financial situation.
Some 20% said they had delayed taking a family holiday as a result, while 16% had not carried out planned home improvements and 11% had chosen not to increase their savings.
Peter Ayton, Mintel’s chief statistician, said: ‘People are clearly starting to get a sense that things are not as easy financially as they once were.
‘In light of the credit crunch, borrowing has now become harder and we are likely to see even more people having to make sacrifices when it comes to their spending in the future.’
The most common reason for belt-tightening was the rising cost of day-to-day living, cited by 44% of those who had cancelled spending plans.
A further 17% said they had been hit by unforeseen household bills and the same proportion that they just felt the need to be more careful.
British Lifestyles is based on responses from a sample of 2,000 UK adults.