Consumer Editor EMMA McKINNEY discovers how to save cash by becoming an 'intelligent shopper'.
THE number of consumers who have no spare cash to spend on luxuries or treats has risen to an all-time high, statistics have revealed.
A survey carried out by the British Retail Consortium in a bid to gauge consumer confidence found that 32 per cent of those quizzed had no money left at the end of each month – the highest rate the organisation has ever known.
The shoppers said their biggest concerns for the next six months were job security and finding the money to pay for increasing utility and fuel bills.
Seventy-one per cent of those taking part in the survey said money had become so tight that they had changed their shopping habits to try and slash household expenses, with 65 per cent switching from buying brand names to cheaper grocery products.
And 60 per cent of Brits said they remained gloomy about their personal finances – around the same number as three years ago when the country was in the grip of recession.
British Retail Consortium’s director general Stephen Robertson says: “The squeeze on disposable incomes is getting tighter.
“A third of people said they have no spare cash – a new record high.
“Weakness in the economy and rising utility, fuel and food bills top consumers’ concerns.
“Even after paying out for essentials, households that do have spare cash are choosing to pay off debts and build-up savings rather than spend on the high street.”
He says the drop in consumer spending means more shops are offering promotions and discounts in a bid to win business.
“But retailers won’t be expecting to benefit from it for some time yet,” he adds. “We’re unlikely to see a sustained rebound in consumer confidence until genuine signs of a strong economic recovery gather momentum.”
Bosses at Birmingham city centre’s Pallasades shopping mall are so concerned about shoppers being strapped for cash that they have run a competition to give away £250 to the most deserving shopper. After being flooded with more than 300 entries, the winner was announced as art student Sophie Chadwick, aged 18, of Brierley Hill, who spent the day with the mall’s resident stylist and shopping expert Lindsey Gibson.
Lindsey helped Sophie to make the most of her cash by being an “intelligent shopper”.
And Lindsey shares her tips with readers, below:
PRE-PLANNING
Make a plan, especially when it comes to gift shopping or a room make-over. Ensure your list includes items needed and sizes required. That way you won’t waste money on things you don’t need or don’t want which you never take back for a refund.
PRICE CHECK
If you have no idea of the price bracket the item should fall in you have no idea if you have bagged yourself a bargain so look around in different stores to get a guide price.
GET CONNECTED
Register with your favourite brands and shopping centres on websites such as Facebook to receive all the latest information on deals, offers and product launches.
LOYALTY
Loyalty cards are great for the provider to work out how you shop, so not only do you get benefits from the loyalty card store but they can analyse your shopping behaviour to make your future shopping even better for you.
SALES
Sales can be a great shopping experience; fun, lively and you leave a store with a very broad smile if you have got a great deal. But it can turn sour if the product is wasted, so think carefully – it is only a bargain if you actually want it.
LONELY?
Shopping with friends can be a favourite day out or a trip to temptation meaning you end up buying things you don’t want or need – make sure you stay sensible.
SEASONS
Most stores have ‘seasons’ where trends change, which can lead to great opportunities to snap up bargains in end-of-season sales. A savvy shopper will ensure they know when individual stores bring in their new stock and sell off the old.
RECEIPTS
Receipts may be a small piece of irritating paper but they are your protection and in many instances your guarantee, so keep an envelope for each month and pop all of your receipts in there. Really, 12 envelopes for each year takes up no room but could save you a packet.
RETURNS
Be aware of each store’s returns policy and be realistic with the return date. Remember some stores offer no exchange or refund after a certain date so you could be left with a totally useless product. Be organised and save yourself any hassle.
