Spend-emic hits British men and women

Spend-emic hits British men and women

Research from uSwitch has found that while four million women are in the grips of shopaholicism, the spend-emic is affecting 3 million men too, and they actually owe more than their female counterparts.

An addiction to shopping has often been regarded as a female affliction, but the poll revealed that while female shopaholics owe an average of £3,353, male shopaholics are saddled with higher personal shopping debts of an average £3,425 each.

Women tend to spend a larger proportion of their disposable income on shopping - an average £2,436 a year or 51% of their total disposable income - but it seems that men have more expensive tastes. The men polled said that they spend over £570 a year on designer clothing, nearly double the £300 spent by female shopaholics.  Men also spend more on grooming: an average of £338 a year on skincare and cosmetics, compared to the £191 spent by women.

The poll also highlighted some worrying trends:  

• 23% admit that their shopping behaviour hasn't changed because of the economic climate.
• 4% are shopping more to 'cheer themselves up'.   
• 14% of female shopaholics budget for all of their month's spending in advance.
• 41% would buy an item they really wanted, even if they knew it would push them over their overdraft limit.
• Over a quarter of shopaholics either lie about the cost of their shopping or simply hide it from their partner.

The way this spending is being funded is also a cause for concern:

• Half of female shoppers (50%) use a combination of credit cards, store cards, overdrafts or loans to fund their shopping sprees, but amongst female shopaholics this rises to 74%.
• Female shopaholics are spending a massive 19% of their income on debt repayments, compared to a national average of 8%.
• Shopaholics take longer to clear their debts - seven months compared to the average five months.
• 17% admit to having sneaked items onto their partner's credit card.

Ann Robinson, Director of Consumer Policy, for uSwitch.com says: "In today's celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture. Despite the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up in the process. But this spend-emic has spread and it's clear that men too have caught on to the joys and perils of shopping.

"It's time for everyone to pay serious attention to their spending habits. Short-term debt solutions may seem an efficient way to fund spending, but they can also lead to long-term debt if not managed properly. Consumers need to stay in control of their finances - it's easy in the face of feeling impoverished to let go of the spending reins altogether. By recognising that risk and not falling victim to it, consumers can feel empowered and enjoy the pleasure-rush of a new purchase, without racking up more unsecured debt. It is all gain and no pain."