ING News: Less luxury spendings for Luxembourg residents!

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In Europe many people have cut the amount of money they are spending in response to economic conditions. According to ING International Survey, 64% of Luxembourg residents say they had to cut back in 2014 – against 74% for Europe on average.

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  • ING

When asked which areas were being cut, five of the most commonly cited areas for Luxembourg are:

  • Holiday spending: 40% of Luxembourg respondents say they have cut the holiday budget last year, making it the category that has suffered most from people’s budget cuts.
  • Leisure and entertainment is a close second: 39% of Luxembourg residents (47% for the European average) say they spent less on going to the cinema or dining out than previously, whereas 65% of people in Italy and 61% in Spain have cut back on this category.- Clothing and grooming is another category that feels the effects of the crisis. 34% of respondents made a budget cut here.
  • Spending on the House, on things like furnishing or maintenance and Food follow on a slight distance with 16% and 15% respectively. In France an impressive 34% state that they have made a cut in the amount of money they spend on food.

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