Brits Not Cutting Back This Christmas
Regardless of the doom and gloom, Brits are set to spend an average of £560 on presents and festivities this Christmas
Regardless of the doom and gloom, Brits are set to spend an average of £560 on presents and festivities this Christmas. The increase in unemployment and the current state of the economy doesn’t seem to have changed people’s spending habits this Christmas. A recent survey conducted by HSBC indicates that Britons are set to spend no less on presents and festivities than last year. The majority will finance their Christmas expenditure from their income and savings but not everyone will have this opportunity and will turn to other means of acquiring funds.
Ashtar Antoine, HSBC Head of Current Account Management, states “Our research shows that despite the recent economic gloom, many households still plan to spend money celebrating this special time of the year. It is clear that the majority of households are looking to get the best value for their money, with discount vouchers and retailer reward schemes popular methods of saving cash.”
Despite the fact that Christmas is not a shock occurrence, each year Britons find themselves unprepared in both preparations and finances. Currently, 6% have done the majority of their Christmas shopping, either in the January sales or throughout the year. For many, it might just be a case of reluctance or a lack of organisation but for many others it is simply due to the fact they can’t afford it. Resourceful individuals and thrifty shoppers are looking for ways to save money and avoid applying for credit.
Planning ahead can help to avoid the stress of last minute Christmas shopping which can often result in overspending. With 21% of people looking to borrow money in order buy Christmas presents, it is advisable to choose credit carefully. Some credit card providers offer an interest free period, some even pay cash back on purchases. For those with a poor credit rating, short term payday loans could provide the necessary funds. At least 2% will use a payday loan to finance their Christmas.
As with any form of credit, the money has to be repaid so it is important to stick to a budget. If starting the New Year debt free is not possible, then a realistic repayment schedule should be put in place in.
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