Cut-price Christmas a focus for consumers

02/12/2009

Consumers are looking to reduce expenditure this Christmas by purchasing gifts for friends and family only.

According to a poll from insurer Liverpool Victoria, 49 per cent of shoppers will restrict their present purchases to their nearest and dearest, while 54 per cent plan to take advantage of the cheaper prices offered by online venders.

A savvy 25 per cent is also turning to internet auction websites to buy gifts.

The ongoing recession, which has lasted in the UK since 2008, is a major factor behind this focus on value.

Liverpool Victoria found that 27 per cent expect to find Christmas a "struggle" financially this year and that 14 per cent will actively try to "tighten their belts".

John O'Roarke, managing director of Liverpool Victoria home insurance, said: "It's been a tough year financially for many families but clearly people feel that Christmas isn't the time to completely cut back.

"Instead, shoppers are opting for alternative ways of saving some money, by buying for fewer people or looking in outlets where they wouldn't normally shop."

Liverpool Victoria also found that forty-somethings are the most likely to spend big on Christmas gifts, with the group planning to buy a present haul worth £327.

The average expenditure across all age groups stands at £294.

Tags; Budgeting Advice, Young Family Finances, Retirement Money Problems,

Regional Debt Advice; Debt Advice Liverpool,

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