Consumers expected to spend £2.7b more this Christmas

An estimated £2.7 billion more is to be spent this Christmas by consumers compared with last year, according to a survey by Sainsbury’s Bank.

People intend to spend £11.85 billion more on shopping in the last week before Christmas than in 2006.

The findings also show that 18 per cent of this figure, approximately £2.1 billion, will be paid by credit card.

Donald MacLeod, head of cards, Sainsbury’s Bank, said: “I was surprised at…the fact that people were going to spend more this year than last year. All the press comment at the moment has been about there being a squeeze on [spending], but this doesn’t appear to be the case.”

He added that buying gifts during the build up to Christmas can benefit consumers as some retailers are already offering discounts. Unfortunately the risk is that some goods may already be out of stock.

Mr MacLeod also said that credit cards are “a very convenient way of doing your Christmas shopping”, as using them does not require consumers to carry cash.

Tags: Sainsbury, week before christmas, press, sainsburys, Mr MacLeod, buying gifts, year, Retailing