Debt worries ‘not hampering seasonal spending’
Article Category: Debt Management Help and Advice
Britons are not planning to let worries about debt management restrict their Christmas spending, a new report shows.
UK consumers are set to spend between two and three per cent more on gifts this Christmas than last year, research from market research company Mintel indicates.
"British consumers are not yet ready to tighten the purse strings," said director of retail research with the company Richard Perks, adding that low unemployment and the delayed effect of rising interest rates on fixed-rate mortgages are two key factors in this trend.
The average amount predicted to be spent on presents by British shoppers is said by the report to be £335, with one in three planning to "splash out" despite the potential for debt suggested by rising rates and a housing market slowdown.
According to the British Retail Consortium’s Richard Dodd, "more is spent in December than in any other month" despite fluctuating levels of disposable income.
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