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Consumers 'cautious over spending'
New research has suggested consumers in the UK have become increasingly cautious about spending.
The study by building society Nationwide revealed that confidence in spending index fell sharply during January to 96, which is six points lower than the figure recorded in the previous month.
Martin Gahbauer, chief economist of the organisation, said the dip was "a timely reminder" that Brits have concerns over how long it will take for the UK to recover from the recession.
He explained that discounts on the high street and government-driven incentives such as lower VAT and the car scrappage scheme helped to keep spending buoyant during 2009.
"The removal of these initiatives may now be causing consumers to reconsider parting with their cash at a time of year when we would normally expect to see high levels of spending confidence," he added.
Recent research by Co-operative Bank Savings found that women are set to cut back on their spending on a range of products over the next 12 months.