A new survey conducted by Twenga, the online shopping search engine has revealed that UK shoppers will be spending significantly less over the Christmas period. A total of 3,000 online shoppers were surveyed and 48% of them planned to spend less this year.
These figures are reflective of an impending recession and a reaction by many people which involves cutting spending in necessary areas. The big Christmas spend is, for many people, one of the first things that needs to be cut and it is likely that many will cover the cost of this spend using credit cards.
The survey found that 21% of people were intending to cut their Christmas spend by more than a quarter in an attempt to save money. Many people are facing difficulties in paying vital bills including mortgages as a result of the continual decline in the housing market and are prioritising their monthly outgoings to cover necessary expenditure. Unfortunately, the cost of Christmas can often be high so for many families it needs to be cut.
Despite these findings, the UK is still at the top of the list of spenders across Europe. In the UK, the average shopper is likely to spend £356 on Christmas shopping this year. In addition to this, recent shopping trends are suggesting that the Christmas shop is beginning earlier this year, allowing people to spread the cost of purchases over a longer period of time. The usual upsurge of Christmas shopping does not usually begin for another two weeks but many shoppers are starting early and will hit the shops this weekend.
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