Over one half (57%) UK consumers only have a rough idea of their budget for Christmas, according to a survey on 2016 Christmas spending by Epos Now. Almost a quarter (23%) admit that they have no budget at all for their Christmas shopping.
Epos Now chief executive Jacyn Heavens commented: “Every year the money experts warn us to keep to our budget at Christmas. But it seems that the majority of shoppers don’t even set a budget in the first place. This is despite the fact that 30% have over 10 presents to buy.”
It also appears that only 20% of consumers save money for the festive season throughout the year, with 29% using the money from their latest pay cheque. With this in mind, it’s not surprising that one-third (33%) don’t check their bank balance when buying gifts. “It’s definitely still a case of spend now, worry later, despite warnings about personal debt and concerns about the future economy,” Jacyn adds.
Over half (55%) of those polled plan to use credit or other bank cards to make these purchases. According to the British Bankers’ Association (BBA), credit card spending was up 14% during the year 2014/15 and it seems likely that there will have been a similar rise this year.
Jacyn noted: “It all points to ‘Christmas as usual’ – despite fears that Brexit plans may derail the UK economy and jobs with it.”
