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Retail Theraphy Increases Spending

By FashionUnited

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Thirty-two million Britons spend a total of £3 billion a year on "retail therapy", and one in four of these has upped their spending by 25 per cent over the last year. According to Sainsbury's Bank's latest Retail Therapy Index, which measures how much money the UK is spending for pleasure - rather than need. The bank says that more women than men indulge themselves in shopping for pleasure - but that men spend £20 more a month at £105.

But while 8.7 million people spend a quarter more on retail therapy last year, this is down on 12 months ago - when 9.2 million Britons said they increased their spending by around a third. "It looks like retail therapy is still alive and well, but it's interesting to see that more people are reducing their spending," said Lucy Hunter, Sainsbury's Bank credit card manager.

"It also appears that many people have a responsible attitude to their non-essential expenditure as many of those cutting down say they are doing so to reduce existing debt levels," she added. The main reason for reducing spending is simply that Brits do not feel the need to splash as much cash on feelgood sprees. One person in five says they are spending less due to worries about taking on too much debt, almost as many are cutting back on retail therapy to reduce their debt levels.

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