The poll conducted by consumer group Which? suggested that 46 percent of its members are looking to reduce their ‘unnecessary’ outgoings. This includes things like music and DVD’s

They did go on to say that others were starting to take a longer term look at their purchases and actually opt to buy the more expensive product knowing that they are paying for better build quality, meaning that the item is likely to last longer and therefore work out cheaper.

Commenting on the new research Jess Ross, editor of which.co.uk, said: "Difficult times call for extreme measures and it's clear that some people won't be splashing out on luxuries in the near future. People still want quality, but it's all about value for money."
It is expected that the extra savings people are making by applying changes to their purchasing habits are being invested into high interest savings accounts.

More and more people are realising that if they save money on the items they buy day to day and deposit those funds into some of the many high interest savings accounts that they can protect themselves from the effects of inflation and economic slow down.

For example, if you find ways to save £200 a month (£50 per week) simply through being more efficient in your life style and invested these savings in a high interest savings accounts with ICICI offering 7.2% AER you would have £2,492.61 saved after only 1 year!