Research from dotcomgiftshop.com has found that nearly a quarter of Brits will spend over £500 on Christmas presents this year – this is in spite of the fact that research last month showed that consumer debt over the last year has increased by an extra £661.50* per UK adult. Put this £500 worth of gifts on a credit card and only pay the minimum payment and it could take these festive shoppers over 12 years to pay for Christmas 2015.
There is however some cause for Christmas cheer, 70% of those surveyed had bought their gifts by the end of November. It seems some sensibly spread the cost too -35% shop between August and October so there are no nasty surprises in December.
53% spend a week or longer on finding the perfect presents – some presumably to spread the cost and others to ensure they make the perfect purchase at the best price.
Although 44% of those surveyed don’t plan on cutting any corners when it comes to Christmas this year, some...