Norton Finance points out that the average Brit will spend £526 this Christmas.
London, UK -- (SBWIRE) -- 11/09/2012 -- According to a recent survey carried by the HSBC, the average person in Britain intends to spend about £526 on Christmas this year, with many refusing to allow the difficult economic climate to put a dampener on their celebrations. The main cost, Norton Finance explains, is gifts, with the majority of adults spending about £347 on presents for their close friends and family. Many parents stated that they will be spending a significant amount of money on purchasing the ‘must-have’ gifts for their children, as they find it difficult to say no to their little ones.
Shoppers are likely to find that their festive foods will leave a dent in their bank balance too, Norton Finance predicts. The ONS (Office for National Statistics) has found that the price of food has increased by more than two percent over the last year. On average, most of those who took the HSBC survey said that they were going to spend £179 on items such as drinks, snacks and turkey over the course of the Christmas period. However, Norton Finance has revealed that many will be turning to lenders in the hopes of making their Christmas celebrations special, as they do not have enough savings to manage this on their own.
The biggest spenders, in terms of age groups, will be those between 35 and 44, who stated that they will probably spend about £633, as they will be purchasing presents for their children. Approximately 17% admitted that they would have to borrow the money for their festive shopping sprees, with 13% saying that they would be opting for a credit card as their loan of choice.
However, Norton Finance point out that credit is not the only way in which people will be stretching their money over the Christmas break, with a third of those surveyed stating that they would be cashing in on their reward card points from retailers, and using discount vouchers. And, 12% confessed that they would be dropping people from their gift list so as to save their money.
About Norton Finance
As both a lender and a leading finance intermediary the Norton Finance Group gives you access to hundreds of loans or remortgage plans. Our aim is to provide the best customer service and our experienced, committed and friendly staff will help find the right loan or remortgage and you can borrow anything from £3,000 to £500,000, depending on your circumstances, and over a period of 1 to 25 years.