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Luxury purchases `leave Britons with debt`

16/05/2007

Britons have developed a taste for the finer things, such a luxury holidays, gourmet food and champagne, according to new research.

The British Lifestyles survey, released by market research firm Mintel, revealed that consumers spent £1.09 trillion - including property costs - in 2006, a nine per cent increase on the year before.

Some £23.8 billion was spent on overseas holidays last year, while £10 billion was put toward wine and champagne, up seven per cent from 2005, the study indicates.

Neil Mason, a senior retail analyst at Mintel, said: "Rising disposable income has led to higher expectations about the quality of life, and as a result we are increasingly trading up and spending more on better quality, premium products and services."

Meanwhile, Ed Stansfield at Capital Economics told the Telegraph that the findings are not surprising, especially given rising interest rates and a growing comfort with debt.

"On average people are taking out larger and larger debts and the cost of financing is going up," he explained.

Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small