Brits plan to repair not replace in 2011

Thrifty Brits are caught up in the mood of austerity sweeping the UK, as new research from HSBC shows the majority (73%) of consumers say they are more likely to ‘mend and make do' than they were last year.

Repair or replace?

The survey of 1,100 UK adults shows almost half of respondents would seek a quote to repair key durable goods if they broke down. Forty-eight per cent would seek a repair estimate if their laptop, TV, cooker, washing machine or fridge broke down compared to two in five (40%) who would simply buy a new one.

However, although the typical average replacement cost of these items is around £528, the average amount those seeking a repair would pay is just £73, despite the fact it would cost them almost seven times as much to buy new. 

Spending for Britain

Following the recent call by the Bank of England deputy governor Charlie Bean for the UK to spend its savings in order to inject some life into the economy, HSBC research finds consumers have taken heed, with the vast majority saying if they were to buy new durable goods they would pay for it using their savings. Forty-two per cent said they would buy a new fridge or washing machine out of a savings account, while 40% would use their existing savings for a new laptop or cooker. 

Richard Brown, Head of Savings at HSBC, comments: "The recent recession and increasing inflation together with the planned rise in VAT from January and lower disposable income means that many people will be seeking ways of tightening their belts in the New Year.

"While many say they see the benefits of ‘mending and making do,' when it comes to the crunch the majority are still unlikely to pay much for a repair in comparison to the cost to replace. In the interest of saving money it may be wiser to pay more for a repair than to replace each time an item breaks as this could in fact save hundreds of pounds in the long run."