Nearly £7 billion in big-ticket sales are being lost because consumers are hanging on to their money for fear of losing their jobs.

According to research by GfK NOP, more than one in four (27 per cent) of working adults have the money and desire to spend on big ticket items, including electricals, but are too frightened to do so.

This research was carried out for jobsafe.me (www.jobsafe.me), one of a group of leading promotional services companies owned by Motivcom plc, and it has launched a scheme that it thinks will end what The Times newspaper dubbed the big-ticket slump.

It is basically a guarantee covering selected products that promises the shopper their money back if they lose their jobs within the year. Should they need to claim, they will still keep the product or service covered by the guarantee.

Jobsafe.me director Richard Davies explained: “Jobsafe.me is a consumer promotion and its cost is integrated into the retail price as added value for the consumer. It is not a separate consumer purchase.

“Many of these consumers do actually have the money but due to concerns around job security are storing up their cash for a rainy day should that eventuality materialise,” he said. “We have become a nation of squirrels and are preparing for the worst, even though, for the great majority, the worst will never actually happen.”

He added: “The GfK NOP research reveals an enormous new market opportunity for retailers, brands and service providers if they take action to unleash this sales potential by giving five million working adults the confidence to buy.”