Find out what our customers have to say about our service.Read more
Shoppers to spend less at Christmas
Friday November 1st 2013
Consumers plan to spend less this Christmas than they did in 2012, research by HSBC suggests.
The bank's Christmas Spending Survey 2013 revealed that people plan to shell out £488 each on Christmas this year, compared to £526 last year, a fall of around 7%.
Presents continue to be the biggest outgoing, with people planning to spend on average £336 on gifts, compared to £152 on food, drink and entertainment.
Women will spend more money on presents, while men will splash out more on food and drink.
Budgeting at Christmas never usually goes to plan with just 15% managing to stick to what they set out to spend.
Over half (58%) set a budget but fail to stick to it, while 27% set no limit and spend as much as they want.
However over two-thirds admitted that they will be looking for bargains this Christmas despite not setting a strict budget.
Almost half plan on using store reward points (45%) or money-off vouchers (44%).
In addition people have planned to trim their present and Christmas card lists this year in an attempt to save money, with 15% admitting to cut who they buy presents for and 23% not planning on sending as many Christmas cards.
More people (22%) plan to borrow money this year to pay for Christmas compared to 17% last year. Credit cards and overdrafts are the most common forms of borrowing.
However more people also plan to cover the expenditure with their salaries (70%), an increase of 5% on last year.
Copyright Press Association 2013
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!