Spending on luxury items falls by 40%

SPENDING on luxury items is down 40% as consumers cut back on eating out, visits to the hairdresser and shopping for clothes.

One in six people are smoking less than this time last year while two in five are drinking less, according to a survey on spending habits.

Women have cut back significantly, with two-thirds saying they have reduced the frequency of either clothes shopping or visits to the hairdresser.