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North East doesn't put Christmas on credit

Half of UK consumers save for Christmas, according to research by business advisory firm Deloitte. 50% of British people surveyed said they have saved money for year-end purchases, with young women leading the way.

The North East is the region least likely to pay for Christmas by credit card with only 5% of people planning to do this.

While women are less inclined to save for Christmas as they get older, the opposite is true for men. Two thirds (66%) of 16-24 year old women and 58% of 25-34 year olds put money to one side, compared to just 41% of over 55s. However, only 34% of 16-24 year old men save for the festive season, compared to 59% of those aged 55 and above.

Paul Feechan, Lead Partner for Consumer Business at Deloitte in Newcastle, said: “Our findings show that one in two people in the UK save for Christmas. This is good news, given that UK consumers already owe billions of pounds in credit card debt. It would clearly be a concern if people were putting most of their Christmas expenditure on credit as well.

When it comes to paying for Christmas, 80% of UK consumers plan to pay for the majority of their Christmas gift and food shopping using cash or debit card. Only 16% say they intend to put the bulk of their shopping on credit card.

Mr Feechan said: “Financially, there is a chill in the air and for the UK consumer, the Christmas message is clear - overspend now, pay later. That may not sound a very seasonal greeting, but it could be a valuable guide to ensuring a Happy New Year.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .