According to figures released from a YouGov survey, each household in the UK is expected to spend approximately £822 on shopping for both Christmas and New Year, with nearly £600 of this for presents alone.
To encourage spending, many retail stores are cutting prices ahead of the traditional post-Christmas sales.
If these figures prove to be correct, this would be the biggest spending spree since the recession began.
According to a survey by Valassis, 78% of shoppers have no financial worries about the costs associated with Christmas.
A separate survey by Deloitte showed that overall UK shoppers will spend £1.4bn over the Christmas period.
Overall this is great news for the UK’s high street and it is reassuring to see that consumers have such spending confidence.
However, there will still be some who struggle to pay for the festive season. Make sure to check out our list of Christmas saving tips.
It’s important that you don’t over-stretch this Christmas. We often come across clients at the beginning of the year that are in financial difficulty after over-spending at Christmas.
If you’re currently struggling with your debts, there are solutions available to you such as Debt Management Plans (DMP), Individual Voluntary Arrangements (IVA), and Bankruptcy.
The Debt Advisor is regulated by both DEMSA and DRF and we adhere to their codes and standards.
If you are struggling with debts and want to discuss your options, call The Debt Advisor today on 0800 0851 825 to speak with one of our advisors. If you’re calling from a mobile, you can reach us on 0161 868 2500.