CONSUMERS DIG IN FOR A LENGTHY DOWNTURN

More than half the 26,000 people surveyed in 52 countries between late September and early October by research group Nielsen believe their countries will be in recession in 12 months' time.

The most pessimistic countries were Japan, Germany, Portugal and France.

Nearly half of people surveyed said they were trying to save money by cutting back on “out of home” entertainment, such as going out to restaurants, and spending less money on new clothing, while more than one third were switching to cheaper grocery brands.

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