Abbey: Shoppers cutting back on extravagant spending
Consumers are reining in their spending on festive gifts and food this year, according to new data from Abbey Credit Cards.
Abbey: Shoppers cutting back on extravagant spending
Consumers are reining in their spending on festive gifts and food this year, according to new data from Abbey Credit Cards.
A survey by the organisation suggests more than half (53 per cent) of people will be opting for cheaper brands and own-brand supermarket items for Christmas dinner, while 37 per cent intend to search for bargain food at discount outlets.
Over half (51 per cent) of respondents say they are ready to sacrifice a luxury gift for themselves over the yuletide period, with just over a third (34 per cent) planning to spend less on Christmas presents for friends and family than in 2007.
More than a fifth (21 per cent) will be funding their shopping on their credit card, while 20 per cent will dip into their savings and 47 per cent will use their current account.
Head of cards at Abbey Callum Gibson states: "Abbey offers customers three per cent cashback on their supermarket and petrol purchases for six months up to a maximum of £75, helping to ease the cost of Christmas spending."
Meanwhile, a study by Halifax recent suggested 35 per cent of people plan to use their credit card to cover the cost of Christmas this year.
Written by Max Jennings ©
