70% of the Spanish choose to save money and only think of spending on basic goods and services

Nearly 70% of Spaniards say that if they had €300 in cash, they would put them into their savings account in order to save for the future...

  • Nearly 70% of Spaniards say that if they had €300 in cash, they would put them into their savings account in order to save for the future
  • According to Iluba's study "How do the Spanish save?" 28% of them have cancelled their life insurance policies or saved money on medical expenses due to the credit crunch; 20% are not visiting the dentist on a regular basis

Madrid, 12th of April, 2011 - Iluba, a new online portal for saving on daily expenses presents the results of its survey "How do the Spanish save?". Among the main study conclusions it is necessary to highlight that, as a result of the credit crunch and of the current economic situation, Spanish people buy more own brands and use the Internet to find offers and discounts they could not find in traditional retailer shops. Similarly, the study emphasizes that the Spanish people are willing to give up expenses such as insurance policies, dentist treatments and car repairs in order to save in their daily life.

The crisis has caused an impact on saving habits
When asked, "Imagine you had €300 in cash, what would you do with it?", almost 70% of the questioned said that they would put them into their savings account to save for the future. However 24% of them would spend one half of it and save the other for later. Only 4% would allow themselves a little treat immediately, while 3% would lend the €300 to a friend undergoing difficulties.

Daily savings in Spain
More than a third of Spanish people (31%) claim that, due to the credit crunch they buy more own brands in order to save in their daily expenses. Seemingly, 26% try to optimize the consumption of basic household services by turning off house lights or using less water.

In addition, 23% say that during the week they prefer to eat at home or to bring home cooked food to the office to cut down on restaurant expenses. It also stands out that almost 14% of them research petrol station prices before refueling in order to find the cheapest one. Similarly, the vast majority of surveyed (82%) mentioned that they used the Internet to identify offers and special discounts impossible to find in traditional shops.

Among the favorite and most valued online offers for Spaniards are:

Travelling and other discounts on leisure activities (29%), diverse brands fashion outlets (out of season) (21%), electronics (20%) and telecommunications (10%) such as telephone lines or ADSL.

However, when asked what kind of online offers they currently miss, the answer was clear: discounts on utility bills and monthly expenses such as telephone, water and electricity (32%). According to the study, there is also a demand for petrol (20%) and daily supermarket shopping (20%) discounts.

What do we give up in order to save?
According to the survey, almost one third of Spaniards (28%) cancelled their life insurance policies or cut down on medical expenses in order to save. 20% of surveyed claimed that they stopped visiting the dentist on a regular basis.

Likewise, Spanish people stopped hiring fully comprehensive home insurances (15%) and doing their vehicle annual review (12%).

Greater austerity in celebrations
Iluba?s study also shows that the economic crisis and the credit crunch that Spain is currently facing, have forced people to cancel certain important celebrations. 35% said that they have not celebrated traditional saints day and 30% claimed they did organized anything special for their anniversary. At the same time, 20% of them no longer celebrate their birthday in order to increase savings.

Survey conducted by Ketchum Pleon; sample size: 1,000 Internet users.

The results are based on a 95.5% confidence level and on criteria and principles of simple random sampling. In the worst-case scenario of maximum uncertainty, sampling error of data compared to the total sample is ± 2.3%.

About Iluba
Iluba.com is a new way of saving on daily expenses and utility bills, as well as on designer brands. Iluba.com has been online 5 months and has already reached two million users via social networks.

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