Savvy Savers

January 26, 2010

75% of women will not be splashing their cash during 2010

Retailers might be disappointed to learn that new research by The Co-operative Bank Savings reveals that three quarters (75%) of women will not be splashing out on impulse buys this year.

The findings confirm that over two fifths of women are planning to spend less on clothes (60%), fashion accessories (41%) and eating out (43%). The figures also highlight that more than half of women (59%) confess to buying more classic fashion pieces now, thinking about the good old theory where a cheaper item of clothing can actually be more expensive in the long run than a classic garment.

When looking at broader attitudes to spending, the research also shows that over three quarters of women (75%) have recently tried to cut back on their spending and believe they have become savvier with the way they spend their money as a direct result of the economic uncertainty.

However, most retailers will be happy with the knowledge that many women are still refusing to cut back on food (31%), wine (19%) and presents for others 16%).

 

Women's Spending Habits
Items to ‘save' on Items to ‘splurge' on 
1. Clothes (60%) Food (31%) 
2. Meals Out (43%) Wine (19%)
3. Fashion accessories (41%) Presents for other (16%)
4. Magazines (39.7%) Mascara (15%)
5. Books / CD / DVD (39.4%) Clothes for the children (15%)
6. Takeaways (39.4%) Sweets (11%)
7. Nights Out (37%) Gym membership (10%)
8. Items for the house (33%) Snacks (9%)
9. Expensive bottles of wine (31%) Perfume (7%)
10. Shoes & Handbags (29%)   Handbags (5%) 

 

The findings also highlight that women are taking a greater interest in their bank balances, with the majority of women (64%) now more likely to open a bank statement and read it than this time last year, and a third (32%) of women also regularly going online to check their balance.

John Hughes, Director of Retail Products for The Co-operative Bank, said: “The research clearly demonstrates that women are now much savvier with the way they spend and save their money. They are sticking to a budget and paying greater attention n to their bank balances.

“Saving can be hard immediately after the festive period but saving regularly throughout the year can make a big difference in the long run, whether saving for a specific event like a summer holiday or just for a rainy day.”

 

Notes to editors:

For more information on The Co-operative Bank Savings please visit: www.co-operativebank.co.uk/savings

ISDN facilities are available for broadcast media interviews.

Research carried out by onepoll.com with a representative sample of 3,000 adults on behalf of The Co-operative Bank Savings during December 2009.

For further information contact:

Alejandra Solis/Catherine Laycock
The Co-operative Financial Services Press Office
Tel: 0161 903 3808
E-mail: alejandra.solis@cfs.coop
Follow us on Twitter: CFSpressteam

 

About The Co-operative Financial Services

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world's largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the new business will be characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport. There are also 1,000 face-to-face financial advisers throughout the UK.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is ran.