Half of UK consumers save for Christmas
Half of UK consumers save for Christmas, according to research by business advisory firm Deloitte, which found that 50% of British people surveyed said they have saved money for year-end purchases, with young women and the Northern Irish leading the way.
Nearly 7 out of 10 (69%) people in Northern Ireland save for Christmas, followed by 62% in Scotland, the North West and the East Midlands. People in the South East and West Midlands are least likely to put money aside, but even here 41% of people did so.
When it comes to paying for Christmas, 80% of UK consumers plan to pay for the majority of their Christmas gift and food shopping using cash or debit card. Only 16% say they intend to put the bulk of their shopping on credit card.
Nick Sandall, head of retail banking at Deloitte, commented: “Our findings show that one in two people in the UK actually save for Christmas. This is good news, given that UK consumers already owe billions of pounds in credit card debt. It would clearly be a concern if people were putting most of their Christmas expenditure on credit as well.
“People in London and the South East typically spend below the national average on gifts, food and drink and socialising at Christmas. But the fact that the general cost of living in this part of the UK is so high means that they are still likely to have to rely on credit for Christmas.”