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Festive budgets of London shoppers eclipses the rest of the UK

Retailers in London are set to benefit from a Christmas bonanza after it was revealed that Londoners are set to spend significantly more than their fellow consumers in the rest of the UK over the festive period.

According to a survey by European payments provider Klarna, consumers in London are budgeting to spend on average £803 this Christmas, the highest total in the UK and more than £250 more than the second biggest spenders in the North West (£535).

In fact, such is their yuletide splurge, that 25% of those surveyed said they will subsequently have to cut back on all but the most essential spending in January as a result.

The figures, which come from a survey of 2,000 UK consumers, also found that the 45-54 year old age group was most likely to leave their shopping until the last minute, while 40% of Millennials surveyed said they had their shopping done and dusted up to three weeks before the big day.

Luke Griffiths, UK General Manager of Klarna commented: “While the frenzy of Black Friday may be over, there is still plenty of opportunity for retailers to capitalise on festive spending, particularly online.”