The simple life is back as Brits say no frills, no problem

Britons are adopting a ‘no frills' lifestyle to combat the credit crunch and shunning flashy or complicated purchases to make their money go further, new research from Abbey Credit Cards has revealed.

Whether it's food, clothes or holidays, ‘no frills' is now considered aspirational rather than downmarket, with more than half of Britons (57 per cent) viewing ‘no frills' products as being basic yet good value, while over a fifth (22 per cent) consider ‘no frills' to mean something simple where you know exactly what you're getting.

The research revealed the nation's top five ‘no frills' products to be:

Household products, e.g. cleaning products (73 per cent)
Food (65 per cent)
Toiletries (50 per cent)
Clothes (44 per cent)
Holidays, e.g. budget flight or cheaper hotel (42 per cent)

[The figures in brackets show the proportion of adults in the UK happy to buy or use ‘no frills' products]

Over half of Britons (58 per cent) said they are more likely to buy simple ‘no frills' products now than they were a year ago, suggesting a trend towards ‘simple shopping', either by necessity or by choice. Britons under the age of 20 are the age group most likely to buy ‘no frills' products (63 per cent), while almost two in three women (61 per cent) now opt for ‘no frills' when out shopping, compared to 54 per cent of men.

For some Britons, however, the ‘no frills' lifestyle is no novelty - almost a third of those surveyed (30 per cent) said they have always bought ‘no frills' products and will continue to do so.

Roger Lovering, Managing Director of Abbey Credit Cards, commented: "It's no surprise to see Britons reassessing their spending habits at a time when every penny counts, and it's encouraging that so many of us are embracing the ‘no frills' lifestyle. In today's difficult economic climate, reviewing your monthly expenditure to find ways you can make your money go further is absolutely essential, which is why straightforward, good value products are the order of the day."

Brand new vs secondhand

The research also found a year on year increase in people's preference for buying secondhand goods. The biggest change seen was among those prepared to buy secondhand ‘white goods' such as fridge-freezers or washing machines - a five per cent increase overall from 30 to 35 per cent.

The survey also revealed two fifths of people (41 per cent) say value for money is the most important factor when they buy something - and this was most important to those in their 50s (45 per cent).

Roger Lovering, Managing Director of Abbey Credit Cards, added: "Britons' current priorities are very much about good financial management and value for money, which is why the new Abbey Credit Card offers a market leading balance transfer period of 15 months for those who want to manage their finances better by transferring to a 0 per cent rate."

Features of the market leading new Abbey Credit Card include:

0 per cent on balance transfers for 15 months
0 per cent on purchases for three months
Highly competitive ongoing APR of 15.9 per cent
Available in branch, over the telephone or online

For more information, visit abbey.com