Nearly half of Britons are cutting down on eating out and going to the pub amid concerns about the country's economic prospects.
Substantial cut-backs in household spending could lead Britain into a double-dip recession, warned GfK NOP, a market research company.
Most the consumers surveyed believe that the economy is set to weaken further. And the public are lowering spending due to concerns that interest rates, which are currently negligible, will rise in the coming months.
Two-fifths of consumers will be cutting back on purchasing household items such as furniture and electrical goods and many are refusing to spend on credit cards.
Ivan Browne, the director of GfK NOP, said: "It is ironic that a reduction in consumer spending – driven by economic uncertainty – could bring about the thing people are most concerned about: a dip back in to recession."
GfK interviewed 1,000 people in June for the survey.Reuse content