Financial Crisis Could See Consumer Cutbacks

Cash-strapped consumers could make severe cutbacks to their outgoings, including dumping their subscription TV services, according to new figures.

A survey of 1,000 representative UK consumers polled by customer insight specialist G2 Data Dynamics saw nearly a quarter (23%) of respondents say they would stop subscription TV services.

However, only one in ten could live without their mobile phones and just 4% would consider giving up broadband access.

Alan Thorpe, commercial and operations director at G2 Data Dynamics, said: “Consumers are clearly making tough choices in the face of global financial uncertainty.

“What’s interesting is that potential reductions in disposable income, as prices go up and salary increases look less likely, mean they are reconsidering what is essential in their everyday lives.

“There are some harsh warnings here for brands and organisations… and they would do well to look again at their customer databases to make sure they do all they can to avoid being the first on people’s chopping blocks.”

Data Dynamics: www.g2dd.co.uk