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Debt News - 25% of Brits Confess to being a Shopaholic
With ‘Confessions of a Shopaholic' in cinemas, a national survey has revealed that 25% of people consider themselves to be addicted to shopping - just like the film's main character, Rebecca Bloomwood.The shopaholics questioned confessed to impulse buying, lying about the cost of purchases, and racking up unmanageable debt. 15% of respondents are that addicted to shopping that they said they would even consider marrying someone they didn't love if that person could fund their shopping habit. And, given the choice, 12% would opt to give up sex rather than shopping!
Similar to the tug-of-war over Gucci boots in Confessions of a Shopaholic, 10% of respondents had witnessed ‘shopping rage' first hand. One respondent resorted to stealth tactics to get the top she wanted, following an unsuspecting lady around a supermarket who had picked up the top she craved. The self-confessed shopaholic waited until the woman had turned her back and stole the top from the trolley claiming it as her own!
Another shopping-raged respondent fell in love with a pair of shoes another woman was trying on. In order to claim the shoes for herself she posed as a shopping assistant, telling the woman she would hold the shoes behind the counter whilst she continued shopping. Once the opposition had left, she simply bought them for herself!
Like Rebecca Bloomwood, over a third of people questioned have been embarrassed by their credit or debit card being declined whilst on a shopping spree. Of the 280 people polled by Kensington Financial Management Consultants, 37% class shopping as one of their hobbies or pastimes and 29% admit to thinking about shopping while they are at work. Nearly a third shop for non-essential items every week, and a fifth think about shopping at least once a day. 54% said shopping makes them happy, 33% said it makes them excited, and 19% said that shopping makes them feel more confident.
However, 38% of respondents did confess to feeling guilty about shopping and half admitted that they sometimes hide purchases or lie about how much money they have spent. 67% have bought items they've never worn or used, and 84% have bought a perceived bargain on impulse.
When asked about their most expensive or extravagant purchases, respondents' answers were as eclectic as a list of Rebecca Bloomwood's best buys. They included: a cardigan for £35; mascara for £20; Jimmy Choo's for £800; a wedding dress for £250; fishing tackle for £6000; a sandwich toaster for £45; a parrot for £1,000; a suit for £25; a Rolex for £50,000; a tattoo for the wife costing £120; a Chloe handbag for £1,000; a collection of crystal Disney figures for £250 and a bottle of perfume £40 – proving people's perceptions of extravagance are varied, to say the least.
Stuart Parkin from Kensington Financial Management Consultants said: "With the release of Confessions of a Shopaholic in cinemas, we wanted to investigate the extent of shopping-related debt, and to give people a gentle reminder of the more serious issues involved. The film is fun and frivolous and great escapism, but real-life debt is a very different story."
Rebecca Bloomwood fondly refers to credit cards as ‘magic cards' – a view that is clearly widespread, with a quarter of people surveyed confessing to using credit to buy non-essential items. Half have accumulated debts of over £2,500 on non-essential spending and, of these, 6% have debts exceeding an eye-watering £20K.
Parkin adds: "We're not trying to be the fun police, but we are asking people to shop a bit more sensibly, especially in the current financial climate. We also want to encourage those people struggling with debts to seek support as soon as possible. There is an awful lot of help available for anyone facing financial difficulties – not just shopaholics! "
For further information or for advice with handling your debts, please visit www.kensingtonfinance.co.uk
ENDS
For further editorial information please contact JAMpr Ltd:
Jaime Markey
Tel: 0161 850 0565
Fax: 0161 236 3700
E: jaime@jampr.co.uk
