January 2019
Featured in this insight: Consumer goods & FMCG , Financial services, Retail
Brits spend 9K annually on goods they won't use: A nationwide survey has found the average annual spend for a household in the UK on items that will never be used, or not used in full, is a staggering £9,051.
Yet despite their admissions, 69% of the 2,000 UK adults polled said they believe they are good at managing their spending.
Food and drink items accounted for the largest proportion of wasteful spending in the Lottoland survey, with products found left in the cupboard or fridge at the end of the year amounting to £2,026.
Clothes are another item respondents admitted they bought but never wore over the course of the year at a cost of £733, as well as beauty products (£544) and toiletries (£526).
Services that were bought but not used in full include rarely watched TV packages (£628) an unused mobile phone credit (£528).
Money wasted on gym membership was estimated at £588, while travel was marginally less at £585.
When asked about their excessive spending, 22% said they bought things because they were getting a good deal, while 10% said it was the buzz gained from buying on impulse. One in seven said they were too lazy to return items they had second thoughts about, missing out on the opportunity for a refund.
A fifth of those polled said they put little thought into a product before they parted with their cash, and another fifth admitted that wasteful spending had caused arguments with a loved one.
One in ten consumers said that their excessive spending could be considered a bad habit.
View more of our sector specific insights: Consumer goods & FMCG, Financial services, Retail
