Belfast Telegraph

Saturday 27 December 2014

£6,000 spent on life's 'essentials'

Households spent an average of almost 6,000 pounds last year on essentials such as haircuts
Households spent an average of almost 6,000 pounds last year on essentials such as haircuts

British households typically spent £5,850 over the last year on "lifestyle essentials" such as holidays, take-aways and haircuts, a survey has found.

Despite feeling the squeeze from the rising cost of living, LV found that Britons still managed to spend £149 billion on such little luxuries, up £5.7 billion on the previous year.

The research found the "lifestyle essentials" had an overall inflation rate of 3.6% in the 12 months to August 2011, more than the increase in the nation's pay packets of 2.9% over the same period, LV said.

More than three-quarters (77%) of those surveyed are making financial cutbacks to afford the little treats which they deem as important to their lifestyles.

Nearly half (47%) said they were buying cheaper food or food that was not a well-known brand, while a third take their own lunch to work. Just over one in 10 take their coffee or tea to work in a flask.

The LV Lifestyle Inflation Index was constructed by research carried out by the Centre for Economics and Business Research using Office for National Statistics data as well as a survey of more than 2,000 people.

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