Savings accounts 'sexier than spending'

Mozo

Friday 28 August 2009

Australian consumers are taking care not to put too much strain on their savings accounts by cutting down on spending.

One article on news.com.au outlined the areas people have been cutting out in favour of cheaper goods.

Spending on designer fashion, expensive restaurants, cars, travel and art has been reduced by many people, with people attempting to spot a bargain instead.

For example, senior analyst at IBSWorld Michael Wilson said consumers are more likely to research their purchases and buy things that are good value for money.

"Saving is sexier than spending now – smart consumption is much more fashionable. Hopefully we’ll all be better shoppers for it," he remarked.

Furthermore, people are using more of what they already own instead of making new purchases, such as using up alcohol from the wine cellar or creating a dining experience at home, according to the expert.

In related news, couples are still tying the knot despite the economic downturn, according to IBISWorld research.

Many, who may have sought to compare credit cards to pay for the big day, have downgraded their celebrations, such as reducing spending on flowers and cars.

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