Press release: A third of Brits to cover Christmas with credit and a million to turn to payday loans
**1 November 2013 **
Our third annual Christmas spending survey indicates seasonal spending is set to reach £24bn this year - £1bn less than Christmas 2012.
People anticipate Christmas will cost them £487 this year – that’s £21 less than 2012 (£508). It also highlights the pressures people face as they stretch their finances in the run up to Christmas:
- More than a third (38%) of adults saying Christmas 2013 will be more difficult for them to afford this year, and a similar number (38%) saying they are ‘worrying’ about how they will afford Christmas this year.
- Although more than two fifths (42%) say they are happy to cut back on other costs to fund Christmas spending, more than a quarter of UK adults admit to getting carried away at Christmas and spending more than they can afford; and
Despite intentions to cut back, this Christmas a third of adults (32%) will cover the cost of Christmas on credit and 1.2m people plan to turn to payday loans.
- Read the press release in full.