Research from Unbiased.co.uk has revealed that half of all Britons now classify themselves as bargain spenders.

The trend for designer labels and brands seems to be a distant memory, with 24.3m of us preferring cheaper goods from shops such as Primark.

The findings also report that two thirds of bargain shoppers know their bank account balance down to the nearest £10 and also have better awareness of current debt levels than the national average.

David Elms, chief executive of Unbiased.co.uk, said: “The kudos of wearing designer labels is a thing of the past. Bargain hunting has turned into the nation’s favourite hobby and more and more people are proud to shop for the best deal and flaunt it.

“It does however leave you to wonder what bargain hunters are doing with the money they save by being a bargain hunter – and while recent research suggests that Britain’s propensity to save has shown some improvement over the last year, much more remains to be done.”