Industry | 2010.08.25
'Shopaholic' Brits amass £24bn debt during downturn
Four million women and 3 million men defying downturn and continuing to spend heavily, says comparison website uSwitch
British shoppers are in the grips of recession shopaholism, having amassed nearly £24 billion of unsecured debt during the downturn, according to product comparison website uSwitch .
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. Unsecured debt among British females totals more than £13 billion, compared with more than £10 billion for men.
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.
Ainslie Walker, the head of operations and product development at Gentlemen\'s Tonic at Selfridges, believes that the downturn in the economy has not been seen in the male grooming industry, which has plateaued but not dipped. But rather than see it as an indulgence that they can not afford, Walker believes that men are investing in themselves, adding that "good grooming" helps candidates stand out at job interviews.
Shopaholism, or oniomania , is the technical term for the compulsive desire to shop, a condition first diagnosed in 1915, with sufferers often experiencing the highs and lows associated with addiction.
The uSwitch research also found that for some people, being in debt is an accepted way of life. "Jenny", a 24-year-old primary school teacher, left university with an overdraft which she has carried into her professional life. Like many other shopaholics, Jenny has exhibited the classic trait of hiding how much she has spent on purchases from her family, for fear of being judged profligate. "They have said to me, \'oh do you need that Mac\' ... sometimes I will lower how much I have spent on something by around £20 or so," she says.
For more information, please visit
http://www.guardian.co.uk/money/2010/aug/25/shopaholic-british-debt-downturn
