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Finance
Mortgages, pensions, loans, shares, savings |
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Shoppers Set for January Spending Spree
According to a recent survey from insurance firm Direct Line, UK shoppers are set to spend around £1.8bn more in this year’s January sales than they did last year. This means bargain hunters are planning to spend in excess of £5.5bn during the sale season.
The survey questioned 2,300 people throughout England and Wales about their anticipated spending habits and intended purchases during the traditional January sale season. Despite ever-rising consumer debt figures, it seems many have been saving their spending energy for the annual shopping binge.
According to the survey, Londoners are likely to spend the most (£171 each on average) whilst people in Wales expect to spend an estimated £73 each. The survey’s results appear to have been accurately reflected by initial post-Christmas reports from high street retailers which indicate an average 7% increase in Boxing Day sales compared to 2005.
In some cases the increase was significantly up on last year: Selfridges reported a 14% jump in sales figures for the first day of their sale.
Conversely, in the run-up to Christmas, sales figures were down by £446.6m according to a survey conducted by Sainsbury’s Bank. This could suggest many people are choosing to save their big spend for the sales - indeed, 2.7 million Britons asked for shopping vouchers this year as Christmas presents.
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