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Christmas spending will fall

13/11/2008

Christmas spending in the UK will fall by 2.6% to £10.6bn this year, a new report suggests, as the economic downturn continues to take its toll on consumers’ finances.

The report by the Centre for Economic and Business Research, commissioned by Asda, said that the average household will spend £399 on the festive season this year, compared with £413 last year.

The report also said that the average seasonal grocery bill will rise from £97 in 2007 to £105, meaning sales of other items such as electronics could suffer, Reuters reports.

A spokesperson for Debt Advisers Direct said: “It’s common sense that Christmas spending will fall for most households, and even those who do have the money to spend would be well advised to save some of it, in light of the looming recession.

“As with every Christmas period, there will still be some who end up spending more than they may have expected – and it’s important for anyone who finds themselves in debt to seek professional debt advice as soon as possible.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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