35 million Brits now barter for a bargain

New research amongst uSwitch.com's Consumer Opinion Panel reveals that, in the current belt-tightening climate, just under three-quarters (73%) of UK adults are increasingly loathed to pay full price and are casting off their British reserve to haggle for a better deal on consumer goods. Of those consumers' striving to perfect the art of bartering, just under one in ten (9%) admitted they always try their luck no matter what they are purchasing, whilst others (64%) exercise a more discretionary approach, only haggling on certain items in certain shopping outlets. Only 12% are too embarrassed to haggle, and just 7% would rather go without and cut down on their purchasing, rather than pluck up the courage to drive a hard bargain with a retailer.

Many consumers are demonstrating more extreme methods of thriftiness, with 9.8 million (20%) even resorting to cutting their own, or members of their families' hair. Consumers are also making the most of discount vouchers that many restaurants are now offering to attract customers through their doors, at a time when eating out has become a luxury. Over half (53%) of diners have recently used money-off vouchers to get more meal for their money, whilst 15% have taken steps to cut their bills down even further by not paying the service charge, saving themselves a total of £18 million per meal in the process. In addition, packed lunches are increasingly the order of the day for more than half (51%) of consumers' which amount to a total daily saving of £173 million.

The research also reveals that Brits are becoming a nation of penny pinchers to see them through the current recessionary climate. Over a third (36%) of UK adults admit that that they are much more likely to stoop for small change they happen across in the street than they were a year ago. Just under half (49%) would happily pocket a single penny if they came across one when out and about, compared with just 2% who would only be stopped in their tracks by higher value paper money.

What's more, for 24.9 million (52%) UK consumers, every penny does indeed count, with many stashing their small change, amounting to a total of £1 billion, in adult piggy banks or ‘big-gy' banks, instead of letting it disappear down the back of the sofa.

Louise Bond, personal finance manager at uSwitch.com commented: "The economic slump has created an epidemic of ‘bag a bargain' consumers, all taking measures to recession-proof their pockets. Shoppers across the nation are casting off their inhibitions and haggling for knock-down prices, cashing in on retailers desperation to secure a sale. The stigma attached to using discount vouchers or even picking up small change off the street is also a thing of the past. No one knows how long the recession will last and battening down the financial hatches in the short term will ensure that consumers are best positioned to weather the recession in the long run."

As well as changing their financial habits and making sensible, strategic cutbacks to their outgoings to ensure they are living within their means, consumers should also ensure they are getting the most competitive deals on their financial products and monthly bills by shopping around. Consumers can find nifty ways to get thrifty by visiting uSwitch.com's money saving tips webpage at uswitch.com/money-saving-tips.