The proportion of household budgets spent on recreation, foreign holidays and restaurants has increased from 32% in 1971 to 40% last year.
However, the total proportion spent on goods has fallen from 65% to 47% in 2007. The amount spent on food and non-alcoholic drinks declined from 21% to 9%, while spending on clothing dropped from 9% to 6%.
The report also highlighted that young adults are remaining longer in their parental home; nearly a third of men and a fifth of women aged between 20 and 34 live with their parents.
People in Britain are also travelling more; the total distance travelled by road, rail and air has increased 95% since 1971 and the number of adults using internet banking has increased from fewer than 2.5m in 2000 to more than 21m in 2007.
This article was first published on marketingmagazine.co.uk