The recession has done little to reduce consumer spending and personal debt, according to one survey which claims that more than £24bn of unsecured debt has been amassed during the economic downturn.
Comparison service uSwitch has claimed that “shopaholics” have been largely undeterred by the recession, with women amassing more than £13bn of personal debt compared to £10bn for men.
The website defines a recession shopaholic as someone who has built up more than half of their unsecured debt through fashion purchases – and while there are more female than male shopping addicts – about 4 million and 3 million respectively – men acquire a higher average personal debt of £3,425 compared with £3,353 for women.
Anne Robinson, the head of consumer policy for uSwitch.com, says consumers have simply ignored recent headlines: “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.
“Some have even regarded the recent spate of bad economic forecasts as a reason to carry on spending beyond their means, with 4% stating that they are spending more to “cheer themselves up”.
Women shopaholics acquire 77% of their personal debt and men 75% through buying clothing, accessories and grooming. However men typically spend more than women on films, technology and computer games – £386 compared with £186 – and on grooming products, with men spending £338 compare with £191 for women.
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