Bad news for retailers as Londoners watch spending

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

A YouGov survey of 2500 Capital residents found that one in five is looking to dump the number of credit cards they own, while 60% of Londoners said they are paying more attention to spending than during the same period last year. That compares to the national average of 53%.

Fear of unemployment and economic volatility has also led to a change in spending habits and lifestyle. The research found 35% of Britons check financial statements more carefully, while more than a fifth now follow a budget.

Caroline Worboys, managing director of credit reference agency Callcredit Marketing Solutions, which carried out the research, said the findings indicate a shift in consumer mood which will be bad news for retailers.

She said: "The financial situation has knocked UK consumers' confidence so it's no surprise they are keeping a close eye on spending.

"The borrow now, pay later' bubble has burst. Companies need to work even harder to get consumers to part with their hard-earned cash."