Britain's Disposable Expenditure on the up for First Time Since
Credit Crunch
Released
on: July 24, 2009, 3:30 am
Author: Kublax
Industry: Financial
Spending
on non essential products and services is on the increase after
a hesitant start to consumer spending in 2009. Research conducted
by Kublax, an online money management service, reveals
that discretionary spending is on the up.
Products
and services, such as shoes and gifts, are usually the first areas
of spending to be cut down on in hard economic times. The fact
that a lot of these spending areas are showing signs of recovery
is good news for the economy, as it indicates that consumers are
regaining confidence. This circulates money through the economy,
creating a multiplier effect, rather than leaving it stagnant
in savings accounts.
Kublax
took a sample of 1000 adult users and studied their specific spending
habits through their finance software, from everyday living to
luxury purposes. The report found a massive increase in spending
in the second quarter when compared to the first quarter of 2009.
The
‘Kublax Spending Index’ revealed holiday expenditure
increased by a staggering 117% in the second quarter, rising from
an average spend of £511 in the first quarter to an average
spend of £1107.
Other
spending categories with notable increase in the second quarter
include:
•
62% increase on spending on children
• 28% increase on gifts and flowers
• 12% increase on clothing
These
statistics indicate a more positive economic outlook for the summer
period. Tom Symonds, CEO of Kublax comments, “The correlation
between the arrival of summer and an increase in monthly outgoings
may also be due to a seasonal change in attitude; as the weather
brightens, so too does the mood of the British public as they
unwind and treat themselves more.”
The
results of the ‘Kublax Spending Index’ also correlated
with other industry surveys of the same period, which found decreases
in spending on eating out. Kublax found 42% decrease on coffees/sandwiches/snacks,
and an 11% decrease in restaurants/dining spending.
Although launched in May 2009, the site has been in beta testing
phase from September 2008 and collected the data from January
2009 to June 2009.
Kublax
is a money management platform through which users are able to
simplify their finances. The finance
software works by pulling together all building society, bank
and credit card accounts into one easy access location. Once all
information has been compiled, users are able to budget and manage
their finances more effectively than by viewing different statements
from multiple banks. Kublax automatically categorizes spending
and produces diagrams and charts illustrating how you are spending
your money. Comparisons to user averages as well as an effective
alert and reminder systems
provides a sense of financial benchmarking and real time money
management that is innovate, extremely useful, and is likely to
save people money and reduce stress.
With
set up taking a matter of minutes, Kublax is perfectly placed
to help the online generation, who hold on average two current
accounts and two credit cards, deal with their ever more complex
finances.
To
find out more about Kublax’s online finance software, or
to read more about spending habits in the UK, visit http://www.kublax.com
Contact Details: http://www.kublax.com
Kublax Financial Technologies
Ltd.
Incorporated in England as a Limited Company (Company No. 05996969)
Headquarters
2nd Floor, Cardiff House,
Tilling Road,
London, NW2 1LJ
2012
