Worried Islanders tighten purse strings

A new study of the retail industry in the Channel Islands says we are all cutting back on our spending - eating out less, going on fewer holidays, and paying out less on clothing.

And worryingly, about half of those questioned think the economic situation will worsen during the next six months and are concerned about their job security.

But it is not all negative - the report's author says there are opportunities for economic improvement in the current climate.

For islanders worried about the economy and job security, stopping the shopping trips is an obvious way to save money. And new statistics show that's exactly what they've been doing.

The figures have been put together following interviews with hundreds of islanders in Guernsey, Jersey and the Isle of Man. They were asked about their level of disposable income, how concerned they are about prices on the islands, job security and the economy, and what the shopping experience is like where they live.

With the results showing that people are cutting back on everything from eating out to home improvements, what are islanders choosing not to buy?

Chris Brock from Island Analysis said: "Isle of Man are more confident than Jersey and Guernsey, and in terms of the future economic position Jersey's least confident at the moment, that's an interesting fact.

"There are some interesting issues that Jersey residents are more concerned about something like food prices over Guernsey and the Isle of Man, having said that concern over job security is higher in the Isle of Man at the moment than in Jersey than in Guernsey. (from CTV)