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Credit card spending habits 'changed by recession'

Attitudes to credit card spending have changed due to the recession, according to new research.

More from Trends and Analysis
26 January 2010

Credit card spending habits 'changed by recession'

The study by PayPal found over one in six of those polled claim to save up for things they want to buy rather than using a credit card as they would have done before the economic downturn.

Shoppers have also become more price conscious, with 58% stating they are more aware of the price of things and 54% claiming they have started bargain hunting more.

The news comes as Britain moves out of recession, with figures showing the economy grew by 0.1% in the last three months of 2009.

The slight increase follows a contraction over six consecutive quarters, marking the longest period of decline since records began in 1955.

Marketing Director of PayPal UK Mark Hodson commented: "Although we're now technically out of recession it's going to be some time before consumers start feeling better off and in the meantime we're likely to remain savvy shoppers."

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