The UK looks set for a record-breaking Christmas spending spree as shoppers reveal they intend to splash out on presents to help get over lockdown.
Families have said they intend to spend around 25% more than usual on Christmas presents in 2020, according to research by financial comparison experts money.co.uk.
Experts at money.co.uk have identified this weekend, from Saturday August 1st, as the best date for Brits to start Christmas shopping this year. The personal finance specialists have even produced a handy Christmas Best Savings guide, to show shoppers exactly when to shop savvy for Christmas discounts and how to make the most of the potential savings available, to lighten the financial load at Christmas.
Last year Brits said they intended to spend an average of £780 on Christmas presents for family, loved ones, friends and work colleagues. But this year that figure looks set to sky-rocket to £965 as the nation looks to splash out even more cash on their nearest and dearest.
Despite almost three quarters revealing they would consider starting their Christmas shopping earlier if it could save them money, the majority of shoppers don’t start Christmas shopping till just a few weeks before the big day. This means that they are missing out on hundreds of pounds of potential savings throughout the year, new research has shown.
While more than 6 in 10 UK residents don’t start shopping for Christmas presents till November, a quarter of the nation doesn’t even think about Christmas presents till December every year.
And that means they’re missing out on bargains throughout the rest of the year – with hundreds of pounds of potential savings up for grabs for savvy shoppers.
Salman Haqqi, personal finance expert at money.co.uk, said: “Just 15% of Brits shop for Christmas presents year-round, according to our survey, but there are huge savings to be made as a result of sales and discount periods throughout the year for those who do.
“We’ve identified Saturday August 1st as the best day to start Christmas shopping this year – as between August and Christmas Day there are so many discount opportunities to take advantage of for shoppers who want to maximise their spending power.”
Money.co.uk surveyed 2,000 shoppers across the UK in July this year to paint an accurate picture of the nation’s Christmas shopping habits. Highest on the agenda is spending to recover from a year blighted by the coronavirus lockdown, according to the data.