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Money, money, money! London’s spending habits revealed

Posted at 10:00 am, September 3, 2013 in News
Money © Rob Greig

Three stories relating to money caught our eye last week, so we’ve put them together to reveal a penetrating insight into modern London (or we’ve found a quick way of chucking together vaguely-related subject matter, depending on your viewpoint).  

Firstly, our commiserations went out to Croydon which was declared the debt-worry hotspot of the UK, according to a postcode analysis by debt management firm PayPlan (why Croydon we wonder?). But the fear of debt is obviously not a worry for most of the rest of us who love nothing better than a good shop – on Oxford Street.

Property consultants CBRE has estimated that Londoners will have spent £5 billion on Oxford Street alone by the end of the year – which is an awful lot of knock-off perfumes. According to the number crunchers that work out these things, those statistics mean that tills on Oxford Street alone take twice as much as the whole of Birmingham — and two-and-a-half times the two Westfield malls.

Still can’t find what you want?  You’re in luck. In our third money-nugget of the week, we can report that London is getting its first retail village, The London Designer Outlet, which will offer up to 70 percent discounts on top brands when it opens this autumn near Wembley Stadium. Because you can never have too many Calvin Klein underpants, can you? Rebecca Taylor

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