Last minute festive spending nears £12bn
UK consumers intend to spend £11.85bn this week, research from Sainsbury’s Bank has found, £2.7bn more than was spent in the week before Christmas last year.
The research also revealed that 18% of this last minute spending, or £2.1bn, will be put on credit cards. Approximately 8.6 million people intend to put half or more of their last-minute Christmas shopping on credit cards, compared to 6.5 million people last year.
In addition, around 1.4 million people plan to spend more than £1,000 during the last week before Christmas and a further 4.4 million people reckon they will spend between £501 and £1,000.
Men think they will spend more than women during this period, with the former planning to spend £325.48 on average, compared to a £231.63 average spend for women. Regionally, people in the North East, Yorkshire and Humberside plan to spend the most in the run-up to Christmas, with those in the South East and East Anglia intending to spend the least.
Donald MacLeod, head of cards at Sainsbury’s Bank, commented: “Credit cards can be a safe and convenient way to do your Christmas shopping and some provide great rewards for using them. There are a number of credit cards to choose from all offering different terms and conditions, so it is important to ensure that you have the right one for you.”