British homeowner's spending on property accounts for almost four pounds in every £10
Latest research from Mintel's British Lifestyle Report 2007 shows that people from all walks of life are splashing out on luxury goods and services once enjoyed exclusively by the rich - and this includes the home.
With property purchases, the single biggest financial outlay for any Briton, Mintel finds spending on housing now stands at around £400 billion, and accounts for almost £4 in every £10 that is spent.
"Not only does it take the largest slice of consumer expenditure, it has seen, by far and away, the largest increase, with spend here rising by as much 65% since 2002 alone," said senior retail analyst Neil Mason.
The report also finds that despite rising interest rates, and higher fuel costs, spending in 2006 hit £1.1 trillion, up 9% on 2005 figures (this compares to 6% growth in consumer spend between 2004 and 2005).
Mintel's crystal ball gazing on future activity indicates Britons show a 'real desire to continue living the high life, with top spending priorities focused on indulgent ways to enjoy life'.
What Brits yearn for
Jet-setting around the world as well as domestic holidays;
Drinking champagne and cocktails at home;
Eating in or out;
'British Lifestyles 2007' is available from Mintel