Credit crunch pushes Britain into Good Life
Credit crisis could lead some Brits to the Good Life
Friday, 24, Oct 2008 12:00
This Christmas the UK could be donning newspaper party hats and shouting bang as they pull crackers as the credit crunch turns Brits to self-sufficiency and the Good Life.
Spurious research from Mintel shows 25 per cent of adults are embracing the Good Life of Tom and Barbara and thriftier ways of living – although not all are opting to turn their front lawns into allotments and have a pig in the garden.
However 16 per cent of those polled said they were trying to be more self-sufficient.
Although not all admitted to making their own clothes, 12 per cent said they were shopping more frequently for bargains at charity shops and other second-hand stores.
"A potential return to seventies-style economic conditions is prompting some Brits to resort to the values of this era and to simply making-do," said James McCoy, head of research services at Mintel.
"For older generations this shift may not be quite so difficult as they have had practice during previous recessions or even during wartime rationing.
"But this kind of lifestyle will still be new to many younger adults who will no doubt need time to adjust to combining a self-sufficient lifestyle with the demands of modern life."
Money savings moves taken in anticipation of recession include dining at home more rather than eating out (32 per cent), taking a packed lunch from home, rather than buying a sandwich (22 per cent), entertain friends at home more often (20 per cent), and watching DVDs at home more often as a substitute for going to the cinema or theatre (26 per cent).
"Brits are clearly making a virtue out of economic realities by enjoying home entertainment rather than going out, and preparing food at home rather than buying from restaurants and fast food outlets," said Mr McCoy.
"But there is also the emotional benefits of these cut backs as they will encourage people to spend more time together at home and undoubtedly re-establish the home as central to the family and social life."