Panic-buying ‘increases Christmas expense’

Leaving Christmas shopping till the week before could cost an average of £150 extra, according to new research.

A study by Egg found that not only are last-minute shoppers likely to spend 39 per cent more than their original budget, but for those who do their present buying on Christmas Eve, they are four times as likely to buy an unsuitable gift.

Alison Wright, chief marketing officer for the bank, said that consumers need to be more money-savvy in reducing the expense of Christmas,

“One way seems to be by avoiding those last-minute shopping sprees, when lack of choice and panic-buying are rife,” she added.

UK shoppers are expected to spend over £53 billion over the festive period, a 4.2 per cent increase on the 2006 period, according to UK payments association Apacs.

However spending on credit cards is likely to remain the same as last year, it claimed, whereas the trend of using a debit card for purchases is expected to grow.

© Adfero Ltd

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