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