The recession has irreversibly changed consumer attitudes towards spending, it has been found.

A survey conducted by Deloitte shows that, while many had thought changes in consumer spending patterns were a temporary response to the economic downturn, 52 per cent of people polled said they had changed their habits for good.

Technology has been a driving force behind the adjustment, with the 24/7 availability of information on the internet allowing consumers to research products, prices and opinions before committing to purchase.

Tarlok Teji, UK Head of retail at Deloitte, believes retailers will need to adjust their outlook in recognition of the rise of the smart shopper.

The history of retail in the UK shows the balance of power shifting over decades from the government, to the manufacturers, to the retailers, he commented.

And now, it is very much with the smart shopper. Retailers will need to adjust the way they interact with these smart shoppers and serve them.

The internet has also helped to revolutionise the banking sector, with an increasing number of consumers choosing to make use of online banking services to manage their finances .