Callcredit Reveals Consumers Christmas Cash Cutbacks
Significant numbers of Britons are reining in their spending as the festive period approaches, it has been reported.
In research carried out by Callcredit, it was revealed that more than half (55 per cent) of people claim that their expenditure over this Christmas season will not be as high as in 2007. The firm also reveals that younger consumers in particular are set to splash out less cash this year, with 47 per cent of 18 to 24-year-olds claiming they are looking to reduce their spending. However, such a proportion rose to 60 per cent of those between the ages of 25 and 34. Meanwhile, it was claimed that women hold the greatest concerns about their finances this yuletide. Just under two-thirds (61 per cent) of females have an eye towards spending less money, in comparison to 48 per cent of men.
And in taking steps to curtail their spending in the build-up to Christmas, it could be possible that consumers find themselves in a more capable position to keep up with various demands on their finances in areas such as personal loan repayments, credit cards and utility bills.
Indeed, this could prove to particularly be the case as just over a quarter (27 per cent) of those questioned state that they will be reducing their Christmas spending by more than 50 per cent in comparison to their expenditure in 2007. This appears to be a habit that is especially keen among 25 to 34-year-olds, with 30 per cent of those looking to cut costs stating they will do so by more than half.
Commenting on the figures, Owen Roberts, head of Callcredit, said: “Despite the recession and recent financial turmoil, Christmas 2008 should still be as fun and enjoyable as possible. Spending less does not necessarily mean a bleak Christmas, but instead friends and family can enjoy homemade presents for example and fewer consumers will be left with a financial hangover in the new year. Todays economic climate is a worry for everyone so awareness and a healthy understanding of your own situation are essential. Whatever the age, consumers should take their personal finances seriously.”
In a bid to get to grips with their finances in the approach to December 25th, consumers were advised to ensure that they shop around for the best deals on items and to avoid wasting cash unnecessarily. Furthermore, it was stated that people should check their credit rating.
Those consumers who are looking to get their finances in a shinier shape than Rudolph the reindeers nose may wish to consider applying for a personal loan. By taking out such a loan, borrowers may find they are able to meet various spending commitments, such as presents and festive food, quickly and are left with an affordable rate of monthly repayment. This could prove especially useful after Direct Line Home Insurance recently revealed that the average adult is to spend 407 pounds on gifts for their friends and family members this Christmas. Meanwhile, about one in six state they are to spend more on presents this year than in 2007.
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