Consumers ‘cutting back on Christmas spending’

Consumers are being much more frugal about their Christmas spending now than they were ten years ago, a new survey has found.

The study by Saga discovered that the average UK adult will dedicate £435 to presents this year, compared with £516 in 1999.

Converted into today’s money, the total of a decade ago would be £666, meaning that a reduction of 35 per cent has occurred.

Furthermore, while only 33 per cent funded their shopping without dipping into savings or borrowing, 52 per cent will do so this time.

Those with debt management issues may find such an approach to be one way of helping to ease their financial burdens, while taking out cheaper loans or credit cards might a way to help those who are borrowing to help fund their purchases.

According to Yorkshire Bank, the highest spending weekends of the year are the first one in December and the last one before Christmas, based on the volume of withdrawals from its ATMs.

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