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Consumer Gloom Hits Rock Bottom On ‘Miserable Monday' Says The Money Shop
• A third (29 per cent) fear losing their jobs
• Almost half (47 per cent) already feel worse off
• Two thirds (65 per cent) dread the weekly shop
• 96 per cent will forsake their holiday for a ‘staycation'
‘Miserable Monday' (19th January) officially the most depressing day of the year and the start of the gloomiest week in the financial year, sees nearly half (47 per cent) of UK consumers noticeably worse off than they were three months ago. With almost one in two (40 per cent) expecting things to get worse before they get better, this could be the first of many more Blue Mondays to come in 2009.
According to The Money Shop Monitor - a quarterly barometer of the nation's cash related habits - even retailers best efforts to lure in bargain hungry shoppers couldn't lift our spirits, as only two per cent indulged in retail therapy to get through the notoriously long month of January.
And it's no surprise consumers are cutting back, two thirds (65 per cent) even dread the weekly shop for fear of increased costs. The increasing threat of job losses is keeping a third (29 per cent) of us awake at night, along with the stress of finding cash for rising utility bills (63 per cent) and unexpected bills (38 per cent).
Andrew Bryan of The Money Shop, the UK's leading instant cash provider said: "Whilst this week, for many the week before pay day, is notoriously difficult for those with bank balances left barren after the festive season, our research reveals consumer confidence is still at rock bottom, despite the pre-Christmas tax breaks. The need to take stock of personal finances has clearly never been greater.
"A four per cent increase in the number now feeling unable to escape the clutches of the credit crunch reality, now is a good time for consumers to stick to their New Year resolutions and really get to grips with their finances by setting realistic budgets and financial goals. Assessing current outgoings for potential savings could mean there is room for some luxuries, no matter how small they may be. Everyone needs a treat now and again such as a well-earned break or a spirit lifting spending spree!"
Booking a holiday represents something to look forward to at the beginning of the year to banish those January blues, but this year around one in three (29 per cent) are opting to stay home instead and only a determined four per cent are prepared to make other sacrifices to be able to cruise happily away to warmer, carefree climes.
The Money Shop Monitor also revealed that one in ten (10 per cent) felt no benefit from the Chancellor's pre-Christmas tax break, with less than one per cent admitting to be flush enough to splash extra cash on loved ones during the festive season. Despite worries about depleting savings provisions (32 per cent) an overly cautious one per cent are already thinking about how to ensure Father Christmas makes it down their chimney on December 25th 2009!
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