Females Spending More Hours but Less Cash This Christmas

Females Spending More Hours but Less Cash This Christmas

The survey, conducted by Clothes Show Live, found that our meticulous research, endless window shopping and online browsing means we are more likely to find the most competitive prices for products whereas men, despite buying less, are likely to spend an average of 2 pounds more per gift due to a lack of forward-thinking. But what is the true cost of Christmas?

With Britain's economic crisis still heavy upon us, the retail sector has taken a massive blow, yet despite the financial despair, consumers seem to view Christmas as an indulgent period and a time to show resilience in the face of our current climate. Many outlets make up to 60% of their annual turnover between November and December making Christmas the biggest event in retail's calendar. The Confederation of British Industry expects to see month on month retail sales up 45% in December, a prediction backed by Datamonitor, an independent business information website that foresees Christmas spending reaching its highest level since 2007; great news for the high street which has most definitely suffered at the hands of the recession.

E-commerce however has proved to be recession-proof with official figures reporting that online shopping rose in 2009 by 24.9% to 408.3bn UKP and Christmas is certain to enhance these figures. Officials expect 8bn UKP to be spent online in December, with frenzied Christmas shoppers predicted to spend over half a billion alone on Monday 6th December in what is being dubbed as 'Mega Monday'.

With unemployment still rife and the threat of job losses still looming, you would think that as a nation we would rein in our Christmas costs yet surveys have suggested otherwise. The business advisory firm Deloitte found that of 2,000 consumers surveyed, 71% intended to spend the same or even more on gifts and 76% planned on doing the same with food and drink. Ian Geddes, UK Head of Retail at Deloitte, said: "Each year consumers tell us they will do whatever they can to enjoy Christmas and this year will be no different."

So, while our budgets may not have changed, officials suggest that our spending habits have instead been revised. An average shopper will spend in the region of 500 pounds on presents which last year left the average consumer 400 pounds in Christmas debt. This year the chances of financial hangovers are slimmer with shoppers predicted to be savvier with their cash and opting to dip into savings rather than maxing out credit cards or getting an emergency loan.

But let us not forget the hidden costs of festivity. Christmas is undoubtedly the time for family and friends and trips up and down the country, or even just to the next town, will soon start burning a hole in your pocket; train tickets can be costly and a tank of petrol is hardly cheap. Advanced ticket bookings offered by websites such as trainline.com have lessened the financial burden of the cross-country trek while website petrolprices.com allows users to locate the lowest priced fuel in their area.

With VAT set to increase from 17.5% to 20% on January 4th 2011 and National Insurance on the rise, many people fear that their financial circumstances will worsen in the new year. With this lavish approach to Christmas it seems that consumers are hell bent on enjoying what could very well be our last taste of disposable income.

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