UK consumers are planning to keep a tight grip on the purse strings this Christmas according to independent research from YouGov commissioned by Callcredit Information Group.
The data reveals that 45% of people expect to spend the same amount of money this Christmas as last Christmas and only 24% plan to borrow money in order to finance the festivities.
The research of 2037 adults shows just 9% of people plan to blow the budget and spend more this Christmas than in 2011 and 39% said they intend to reduce their spend this year – this figure jumped to 52% for those respondents with three or more children.
The research also reveals that 15% of people will finance Christmas using credit cards, 7% will use overdrafts and 2% will take out loans specifically for the festive period. However 58% will rely on their wages and 26% have saved up to pay for Christmas.
Graham Lund, managing director, Callcredit Information Group, said: “For most people this Christmas is about having a good time without breaking the bank, spending on credit and suffering a financial hangover in January.
“However while it’s clear that many people have started December full of good intentions for many it will take a lot of willpower to stick to their budgets and resist all the temptations that Christmas brings.”