Today’s consumers are spending less in the shops and focusing on repaying their debts and improving their overall finances, figures from a few influential organisations indicate.

First of all, there’s the retail sales index from the Confederation of British Industries (CBI), which has fallen to the lowest level in a year as consumers cut back on their spending.

Many people are spending less simply because they have less to spend – after all, the most recent inflation figures show that CPI (Consumer Prices Index) inflation stood at 4.5% in May. Against a backdrop of widespread pay freezes and job insecurity, this clearly means many consumers’ finances are being stretched.

At the same time, there’s also a focus on reducing debt. In May, the British Bankers’ Association told us that unsecured credit had actually shrunk by 1.2% over the course of the year. Many people are focusing on repaying their debts and trying to avoid borrowing any more.

And in April, the Finance & Leasing Association (FLA), whose members account for around 30% of all unsecured lending in the UK (according to 2010′s figures), told us that they’d lent out 4% less over the past year than they had in the previous year.

A spokesperson at the IVA Forum commented: “Cutting back on non-essential spending can be an excellent way of coping with financial worries without turning to borrowing. It’s troubling to hear of the impact it can have on the country’s overall economy, but people clearly need to put their own finances first.”