Hey, big spenders
A survey has found that there have been huge shifts over the last 10 years in the sorts of goods we buy – not just at Christmas but throughout the rest of the year as well.
The survey, conducted by retail strategy firm Management Horizons Europe (MHE), says that we use our credit cards UK in different ways now, identifying 10 product sectors that have at least doubled their sales in the past decade.
Top of these sectors is photographic equipment, on which spending increased by 244% to £5bn in the past decade. This represents a big slice of our spending on credit cards UK, along with telephones that rose by a similar percentage (243%).
MHE chairman Edward Whitefield said: “The huge increase in spending, mainly on credit cards UK, on photographic equipment reflects the massive popularity of digital cameras.
“That’s been a trauma for companies like Kodak, which has had to transform its production lines and stop making film. However, at the same time, there has been enormous growth in colour printers for the home.”
He continued: “If you look at total annual consumer spending in the UK, it’s about £720bn, with half coming from goods and the other half from services. But in the US it’s a 55%-65% split, which shows their credit card application is a little different to the UK’s.”