Britain in grip of 'shopaholic' epidemic - The Telegraph

drc

From the Telegraph;

http://www.telegraph.co.uk/finance/personalfinance/7961764/Britain-in-grip-of-shopaholic-epidemic.html

Britain in grip of 'shopaholic' epidemic

Four million British women are 'shopaholics', running up average debts of £3,400 each as they strive to obtain a celebrity lifestyle, a new report warns.

By Myra Butterworth, Personal Finance Correspondent
Published: 6:25AM BST 25 Aug 2010



The BRC argues that retailers are disproportionately affected by property cost rises Photo: Jeff Gilbert


The lure of the high street proves too much for the majority of these people, who end up turning to a combination of credit cards, store cards and loans to feed their addiction.

It is not just the four million women - around one in six of the adult population - who have an unquenchable thirst for shopping. The latest report into Britain’s debt crisis claimed three million men - one in seven - are also shopaholics.


While women spend the most on high street clothes, men have more expensive tastes, spending £570 a year on designer clothing, nearly double the £300 dished out by female shopaholics.

Men are also splashing out more on grooming, an area which has traditionally been dominated by women, according to the research by price comparison website uSwitch.

The male shopaholic spends an average of £338 a year on skincare and cosmetics, while their female counterparts spend £191.

Ann Robinson, a director at uSwitch, said: “In today’s celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture. Despite the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up in the process.
“This spend-emic has spread and it’s clear that men too have caught on to the joys and perils of shopping,” she added.

“It’s time for everyone to pay serious attention to their spending habits. Short-term debt solutions may seem an efficient way to fund spending, but they can also lead to long-term debt if not managed properly. Consumers need to stay in control of their finances – it’s easy in the face of feeling impoverished to let go of the spending reins altogether.

"By recognising that risk and not falling victim to it, consumers can feel empowered and enjoy the pleasure-rush of a new purchase, without racking up more unsecured debt. It is all gain and no pain.”

Blacklight

The supply of credit has completely dried up meaning no-one can ever borrow anything from anyone again and first time buyers only have a handful of magic beans to offer the trillions of people in the UK who are flooding the market with property every day... oh, wait.

Percy1983

I sit opposite a girl at work who loves shopping. I keep telling her being able to afford minimum payments doesn't mean you can afford it.

She thinks I am an idiot and keeps shopping.

JonnyBravo

Percy1983 wrote: »

I sit opposite a girl at work who loves shopping. I keep telling her being able to afford minimum payments doesn't mean you can afford it.

She thinks I am an idiot and keeps shopping.

We all know people like this I should think.

Just point her towards the DFW forum when she is about to go under.
At least she'll get some nice brackets masquerading as hugs to make it all better.

System

What are you talking about, brackets ARE hugs.

ninky_2

or point her to the bankruptcy inn - then she can do it all again in a few years time.

Graham_Devon

JonnyBravo wrote: »

We all know people like this I should think.

Just point her towards the DFW forum when she is about to go under.
At least she'll get some nice brackets masquerading as hugs to make it all better.

Probably easier all round if you skip to DFW forum and point them straight in the direction of the more more fashionable bankrupcy board

bendix

I've said it before, and I'll say it again: the worst thing that ever happened to capitalism is the introduction of the credit card.

In a single stroke it broke the link between effort (saving) and reward (spending), and has forever tarnished the joy of buying something that you have worked and saved for.

I pity those addicted to credit. They'll never experience that sense of joy and accomplishment.

michaels

So if credit cards are dangerous what about offset mortgages - I could 'afford' to buy pretty much anything that cost less than quarter of mil but I know I shouldn't - but the scary bit is that the Mrs also has a debit card on the account...

bendix wrote: »

I've said it before, and I'll say it again: the worst thing that ever happened to capitalism is the introduction of the credit card.

In a single stroke it broke the link between effort (saving) and reward (spending), and has forever tarnished the joy of buying something that you have worked and saved for.

I pity those addicted to credit. They'll never experience that sense of joy and accomplishment.

Jonbvn

The male shopaholic spends an average of £338 a year on skincare and cosmetics, while their female counterparts spend £191.

Obviously bollox!!!!

Really2

Jonbvn wrote: »

Obviously bollox!!!!

Is larger a skin care product? (if so it could be an under estimate)