4 June 2010

6 Million Women Hang Onto Their Favourite Little Black Dress

• Over 43 million ‘old favourites’ in British homes
• 1998 is the vintage year, with items cherished for an average of 12 years
• 4.5 million have held on to old favourites for over 25 years

In today’s new age of considered consumption, people are hanging on to favourite items of clothing and other cherished possessions. A new study reveals today that 6 million women stay loyal to the favourite ‘LBDs’ they’ve bought in the past.

The study* by M&S Money to mark its 25th anniversary looked at attitudes towards old favourites and found that not everyone throws things away easily. We are happy to re-use our belongings if they’re in good working order, still in fashion or they just make us feel good.

We’re likely to hang onto our favourite items for an average of 12 years, proving that things can and do last the test of time – making our ‘vintage year’ 1998. A quarter of us however have held onto ‘old favourites’ for over 15 years, and 4.5 million for more than 25 years.

Homes and wardrobes are dominated by our favourite things; for one in 10 of us these date back to the 1980s. Almost nine in 10 (86%) admit to harbouring an ‘old favourite’.

What are our top old favourites?

When asked why they have kept these things for so long, good quality that lasted the test of time was overwhelmingly the winning factor (74 per cent). And, rather than just upgrading for the sake of it, over half (57 per cent) simply said they keep these things as they don’t need to be replaced.  One in six of those in their 50s even say their favourite item looks better now or has actually improved with age.

Colin Kersley, chief executive of M&S Money: “Millions of us hold on to our old favourites, and are not prepared to just throw things out for the sake of it.  Some are sentimental about the item, some practical, believing in the old adage ‘if it ain’t broke, don’t fix it’, but for others, they value quality and the simple fact that their own old favourites have truly stood the test of time.  One in three in our study even said their preferred item is still as fashionable as it was when they first bought it!

“Marking our 25th anniversary at M&S Money, we know it is crucial we keep meeting our customers’ expectations, so we focus on providing reliable, good value products.”

Ends

For further information please call the M&S Money press office:

Simon Coughlin on 020 7992 1574
simon.coughlin@mandsmoney.com

Liz Neild on 01244 686 068
liz.a.neild@mandsmoney.com

Or

Francesca Pattison / Katherine Hobby/ Charli Scouller
francescap@lansons.com /katherineh@lansons.com/ charlis@lansons.com
Tel: 0207 490 8828

Notes to Editors:

* Research conducted online by Opinium Research amongst a nationally representative sample of 2,014 UK Adults 26th to 30th March 2010. www.opinium.co.uk

• The research asked about things that respondents considered among their ‘old favourites’
• All population estimates are based on total UK adult population of 49,121,000 (ONS)

What are the nations’ top old favourites?

• An old jacket (46 per cent)
• A comfy T-shirt (42 per cent)
• A favourite mug (36 per cent)
• A faded old armchair or sofa (16 per cent)

A history of financial services at M&S

1984:

M&S trials the Chargecard in 17 stores in Scotland.

1985:

Announcement of the formation of St Michael Financial Services and the introduction of M&S Chargecard. 270,000 applications in first three weeks.

M&S Chargecard goes live in stores, with 270,000 applications in first three weeks.

1986:

Application for planning permission to develop 120,000 sq ft headquarters outside Chester on a 20 acres site to be known as Kings Meadow.

Millionth Chargecard account opened, making it the third largest card in the country.

1988:

Company changes name to Marks & Spencer Financial Services (MSFS). Offers the first M&S unit trust, Investment Portfolio.

1989:

Personal loans available to all customers.

1995:

Marks & Spencer Life Assurance Ltd launched, offering pensions and term assurance.

1999:

M&S ISA launched.

2000:

M&S Home Insurance and car buying plan launched.

2003:

MSFS rebrands to M&S Money.

&More Credit Card launched – the largest ever card launch in Europe.

2004:

M&S Money is bought by HSBC in a joint venture with Marks and Spencer plc. Mini Cash ISA launched, and M&S Money starts managing in-store bureaux de change.

2007:

M&S Ethical Fund and Fixed Rate Savings launched.

2008:

M&S Travel Money campaign featuring Myleene Klass.

M&S independent traveller cover launched and 37 multi-currency ATMs installed in stores.

2009:

M&S Premium Club launched.

First M&S regular savings account – Everyday Savings – launched.

2010:

M&S Flexi Cash ISA launched.

Now 122 bureaux de change in M&S stores.

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK.  M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’. M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.