The UK now shells out an astonishing £1,000,000,000,000 ñ or £1 trillion ñ of cash on non-essential items every year, claims market research firm Mintel.
The amount spent on luxury items such as holidays, cars, furniture and appliances has nearly doubled over the last ten years and breaks down to about £37,000 per household.
“The last ten years have clearly been the decade of big ticket purchases and the buoyant expenditure on these items reflects the growing affluence of the British nation as a whole,” said Paul Rickard of Mintel.
The increase takes into account inflation and does not include items considered as essential spending, such as food, tax, accommodation and utilities.
Holidays are the most popular single item, soaking up £47.5 billion in annual spending alone, or £790 for every adult and child in the UK.
“It is now not uncommon for families to go on several vacations a year with the trend very much moving towards shorter but more frequent breaks,” said Mr Rickard.
Following travel, spending on household appliances is the next largest figure at £475 a year, with DVD players and TVs the most popular items.
While at least part of the consumer boom can be linked to homeowner loans and best rate credit card spending, analysts say that debt levels in the UK remain sustainable.
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