With Christmas fast approaching, British consumers will soon enter into a frenzy of shopping to pick up gifts for their family and friends. However, it seems that while we Brits enjoy spending hard earned cash on our loved ones, we are a little more reluctant to pick up a little something for ourselves.
In a survey of 12,434 adults from eight European countries, it was found that British consumers are the “guiltiest spenders” when it comes to treating themselves to a luxury item. Mastercard, which conducted the survey, discovered that one in ten British respondents never treat themselves to a personal purchase, with a quarter of respondents claiming this made them feel guilty.
Personal purchases account for only £28 of the average UK shopper’s monthly budget, putting Britain well behind Germany when it comes to treating ourselves – our German counterparts spend an average of £60 per month on luxury items and treats. Yet while there were many different trends throughout the eight countries participating in the research, most consumers had a similar outlook on why they choose to treat themselves, with 36 per cent of respondents using the occasional treat as a means of cheering themselves up.
Alvin Hall, an independent financial expert, says; “While differences abound, the common attributes about treats across the countries surveyed are fascinating.
“’Everyone deserves one now and then’ is one of the top two choices in nearly every country, so the old adage that ‘Man (and woman) cannot live by bread alone’ appears to be a core, cross cultural belief and essential to people’s happiness.”
Smaller treats tended to be most popular in all eight countries, with takeaway meals, chocolates, meals out and cakes all showing up on the “most purchased” lists. Yet when larger spends were split by gender, it was found that women prefer to spend on clothing, bags and shoes while men picked up DVDs, video games and alcohol more often.
Unfortunately, the UK also took last place when it comes to spending on others, with the uncertain economy seemingly managing to quell the generous spirit of British consumers. Instead, Turkish consumers came out on top, spending an average of £48 per month on their close friends and family.
Jennifer Palmer, spokeswoman for MasterCard, believes that treating oneself now and again is an essential part of daily life.
She says; “Across the board one thing is clear though: high or low value treats are a fundamental part of people’s lives and bring them a small sense of joy and constancy, particularly in the current economic climate.”
Do you tend to pick up treats for yourself on occasion, and if so what is your reasoning for this – is it simply a “pick me up” after a tough day at the office or do you tend to make a regular habit of treating yourself on payday?
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