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VAT Cut 'Hardly Affects' Retail

Posted by Deborah Read on in

Last years cut in VAT did little to afffect customer spending, research by PricewaterhouseCoopers revealed. The VAT cut from 17.5% to 15% did not encourage shoppers to spend more during the recession. The research found that economic uncertainty and salary cuts influenced shoppers more. Infact only 8% of the population were encouraged to spend, whilst 5% of the population did not even realise there had been a VAT cut -d'oh! Personally, the VAT cut had little affect on my spending habits. As I realised the extent of the recession I simply stopped spending money. I researched products more carefully and tried to get better value for products which I did buy. I feel that most of the nation felt like this, that unfortunately the VAT cut did not encourage shoppers to spend money as instead consumers tried to save more money and tried to stop spending. However, this does beg the question- what should the government have done to encourage spending? I cannot really answer this question as I'm not sure. When the country buckles down to the recession, apart from handing out 'Make do and mend' books like John Lewis, there is little that can be done. Until the recession eases, consumers simply won't shop. Were you encouraged to spend more money in the recession? Were you one of the 5% who didn't realise VAT had been cut? Let us know your thoughts! Subscribe to VoucherSeeker Voucher Codes Blog by Email
 

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