Counting the cost of vanity
Vanity is one of societies biggest financial drains, suggests a recent report.
Accordingly, British consumers spend an average of £50 billion each year on products and services procured for the sole purpose of “looking good”. However, it has also been discovered that more than 65% of people who spend as a means to quench their desire for a little retail therapy, do so without having the income to back it up.
For the personal loans sector, the above trend accounts for close to 75% of all approved loan plans. It has also been revealed that overspending as a means to look good, surprisingly, is slightly more prevalent in men than it is in women.
The study revealed that the average male would be happy to spend more than £1,000 above their intended budget for a new vehicle, and would also double their budget if required, on an evening out with friends. Women on the other hand are less swayed by the more attractive vehicle, and will fiercely cohere to a pre determined “night out” budget.
In addition, new cars are also reported to be one of the more popular purchases for those people on a quest to look good, closely followed by clothing, personal grooming, holidays and gym memberships.
It is also accepted that younger generations ranging between 18-29 are the most likely to fall victim to this trend, and are also most likely to cripple themselves financially as a result.
Recent Government statistics reveal that 40% of those people who are currently suffering at the hands of personal debt, fall into the 18-29 year old demographic, with an additional 30% admitting the cause of their problems to stem from overspending due to issues of vanity.
