The coming 12 months may see UK consumers adopt a more cautious approach when it comes to spending money, it is believed.
According to Benjamin Williamson, a Centre for Economics and Business Research economist, people might focus more on things like debt repayments this year, which may include credit card debt.
He commented: "[Consumers] will be paying back much more debt, they are not buying as much, and won't have as much to borrow off of the price of the house."
Mr Williamson went on to suggest that consumers appear to be becoming more aware of their ability to take advantage of large discounts from retailers.
This attitude is something that will need to be addressed by the country's retailers in the near future, he added.
The need for people to access financial products which are competitive was also recently emphasised by the moneysupermarket.com site editor Clare Francis.
Written by Martin Peacock.
