Brits’ love of tech not hampered by recession

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Shiny technology is still in favour with cash-strapped Brits, as the market is predicted to surpass £50 billion by the end of next year.

Indeed, many consumers are opting to stay at home in order to buy their beloved tech, rather than going out and doing without gadgets, according to research published today by Mintel.

What’s more, between next year and 2014, the market will continue to grow, securing another £10 billion worth of growth thanks to consumers’ gadget hunger.

Some 38 per cent of Brits would happily give up a night out to save the money for gadgetry, while almost a third (29 per cent) would say no to a gig or festival for the same reason.

"In many ways, the recession has had a positive effect for the technology market and encouraged consumers to consider the latest, converged devices coming to the market in a quest for greater value. The likes of the Apple iPhone, for example, does away with the need for a digital camera, video camera, MP3 player, PDA and web browser – avoiding upfront costs of buying the device through a manageable monthly subscription,” said Jim Clark, senior technology analyst at Mintel, in a statement.

He added: "At the same time, as many as 41 per cent of adult internet users are going out less during the week than a year ago. This will impact on demand for home technology as consumers look to the living room for their entertainment needs. Retailers will be able to market devices around their 'long term' savings, over expensive family days out, for example.”

Click here for a rundown of the top 10 best business gadgets.

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