The HSBC Christmas Spending Survey found that, across the UK, people will spend on average £378 on gifts for their immediate family, and an additional £183 on food, drink and entertainment this festive season. In Wales, the respective figures are £394 and £166, while in Scotland they are £351 and £164.
The survey also revealed that:
The survey found that British consumers will turn as much to the high street as they will to the internet when it comes to Christmas shopping for presents this year. However, 13% of people will only use online sources for presents and exactly the same proportion will only use offline outlets.
In general, online sources will be more popular with the younger age groups under 55, but more of those aged 65+ will only use offline sources.
Compared to men, women find particular appeal in high street shops (71%), but also local markets (27%), Christmas fetes (20%), charity shops (14%) and boutique shops (10%).
Car boot sales, however, are equally appealing to men and women as a source of presents, and the same applies to different age and social groups, and to people across the country.
The survey revealed that 67% of people will fund their Christmas present shopping from their salary or other income and 37% will use all or some of their savings.
However, collectively, 21% of people will borrow from one source or another to pay for the presents they buy.
Credit and store cards will be especially popular with those aged 35-44 (22%), whereas using an overdraft facility will be especially common among those aged 18-24 (13%).
In fact, more people aged 18-24 will also turn to personal loans (3%), payday loans (2%) and even borrowing money from family and friends (3%).
Retailers will be pleased to hear that just 6% of British people say they have already done the majority of their Christmas shopping, either in last year’s January sales (1%) or throughout the year up to and including September (5%).
Early December (1-11) promises to be busy as usual, with 30% of people doing most of their present shopping then. Just 3% will put it off until the week before Christmas (19-22).
Ashtar Antoine, HSBC head of current account management, says: “Our research shows that despite the recent economic gloom, many households still plan to spend money celebrating this special time of the year. It’s clear that the majority of households are looking to get the best value for their money, with discount vouchers and retailer reward schemes popular methods of saving cash.
“Over two thirds of people will fund their present shopping from their salary or other income.”
Source: HSBC
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