Designer fad wears out

Shoppers are becoming bored with designer labels and would rather spend their money on leisure activities.

Consumer think tank The Future Foundation estimates the average household in Britain now spends £3,500 a year on "experiences" such as holidays and music lessons, compared with £2,210 a year on material goods.

And while two per cent of people questioned felt wearing the right labels made their lives more fulfilling, 25 per cent said they preferred leisure time.

By 2007 Britons will spend £115 billion a year on such activities.

Foundation spokesman Nick Rand said: "It is a contrast to our parents' generation, when acquiring goods, like a car, was a landmark. Now people expect to have them. They are looking more widely for fulfilment."