Christmas is often the time of year when budgets go out of the window and people find themselves spending more than normal, sometimes more than they can afford. But with the pressures of rising prices and the uncertainty of Brexit looming, this festive season has seen shopper being smarter and more cautious about their spending.
For example, one survey detailed in an article in Yorkshire Post showed that over half of people spoken to had not changed their spending this year, despite things costing more. And another 42% of those spoken to admitted that they were actually trying to save money this Christmas. For some, the price increases meant that they could afford less than in previous years while others were simply being a little savvy – waiting for sales days, specialist offers or vouchers to grab a bargain.
Of those interviewed, 56% said they were relying on their wages to pay for Christmas shopping while nearly one third said they would be using a credit card to pay for gifts, food and other items. 10% said they would use a bank overdraft to fund their spending and 3% were borrowing from friends and family to help with the costs. Only 1% said they were planning to take out a loan to cover Christmas spending.
Clever Christmas shopping
Another big trend this year has been that people are being more savvy with how they shop. Around one fifth of those spoken to in the poll admitted that Christmas shopping would be done last minute and 15% said they ended up panic buying in the few days before the shops closed.
However, an increasing number of people are making use of the various offer and voucher sites now available to get bargain, discount codes or other ways to reduce the cost of Christmas. According to the general manager of My Voucher Codes Chris Reilly, people with young families are particularly keen to make the most of their sites and save on the cost of Christmas.
People realise that they don’t need to spend a fortune on Christmas and can be clever about their purchasing, saving money or getting something bigger for the same cash as originally budgeted. Offers around days such as Black Friday have become a firm part of the Christmas shopping calendar, when crowds in shops can reach riot point and sales online are easily the heaviest of any day of the year.
But the modern event isn’t just about one day and there are now a range of offers and bargains available in the lead up to Christmas. And this means shoppers have to be ready to make that purchase at short notice to get the best possible deal.