As a result of little or no planning, this Christmas, people are in panic mode. They seem to be in a gift-buying frenzy. It is estimated by Egg, a credit card provider, that around 594 million pounds will be over spent due to this panic shopping spree.
As with most people world over, similarly millions of Britons leave their Christmas shopping, to a week prior to Christmas. This is the main reason of the waste in credit and cash. Moreover, leave it to another 800,000 to wait till Christmas Eve to do their shopping. The Egg study and research reveals to us, that due to this last minute frantic buying, on an average each later shopper overspends around 39% which is equal to £150.
As Chief Marketing Officer at Egg, Alison Wright, rightly puts that we all have ample time to shop for Christmas during the year. We have as much as 12 months notice, but as always, we all end up waiting till the last minute. This last minute shopping is when panic is at its peak, when we’re out to get the best and the cost nor choice doesn’t matter. If consumers plan in advance they won’t have to over spend at Christmas.
What’s more the Egg research reveals that contrary to popular belief, women too leave their Christmas shopping for the last minute, it’s not just the men folk. Surprised, huh?
Furthermore, latest studies from the Abbey have revealed that a mere 1% of Britons have maintained and kept control over their personal finances. The other majority of people, display signs of irresponsible behavior through their use of credit cards and other banking practices. Due to such tendencies they have become, “financially overweight”
A financial fitness survey was conducted by Abbey. Their analysis of the results revealed worrying weighty issues. On the percentage scale, the financial fit machine indicated with a zero, whereas with a 100% financial obesity.
The survey brought to the forefront that around 46% of females and 41% males, were overweight. Only 1% scored under ten. These results are indeed worrying. Director at Abbey, Sue Hayes advised people to review their financial status by shopping around for good deals and bargains, more so during the holiday season when many begin their shopping spree. She further added that similar to any exercise, a financial workout is an effort and a sacrifice, but the rewards are indeed worth it.
On a closer look at the survey results by region, the Abbey study found that topping the list with the most weight problems was North of England, with a 46%, whereas the south-west and Wales, were probably the fittest in terms of finance, with 42% overweight.