Consumers in Britain are holding off from investing in new 'big ticket' goods such as washing machines and dishwashers, according to industry figures.
Data released yesterday by the Confederation of British Industry (CBI) showed that UK retail sales fell in January as shoppers looked to rein in their spending.
The CBI's figures suggest consumers are looking to adopt a make do and mend approach once again, preferring to make do with older appliances and fix household machines when necessary, rather than go to the cost of replacing them.
New data from the Office for National Statistics revealed the country could be heading back into recession as the economy shrank by 0.2 per cent in the three months to December. A second consecutive quarter of negative economic growth would see a double-dip recession become a reality. It would be the first since 1975.
The CBI's chief economic adviser Ian McCafferty said: "Shoppers have reined in spending across the board at the start of the New Year after taking advantage of early discounting in the last month of 2011, which boosted pre-Christmas sales.
"Consumers are still holding off particularly from buying big ticket items like washing machines and fridges."