Consumers expected to spend more this Christmas
December 16, 2010
It has been claimed in a report from the credit card and banking giant Barclays that credit card spending is set to increase this Christmas. Although many people are still experiencing difficulties due to financial and economic problems it is thought that collectively consumers in the UK will spend tens of billions on credit and debit cards over the holiday period.
According to the figures from Barclays consumers in the UK will spend around £50 billion between them over the holiday period, and this will reflect an increase of 8 percent compared to last year. Many are still suffering when it comes to their finances but this does not seem to stop many people from dusting off their plastic cards and getting online to make purchases such as gifts and clothes.
The High Streets have suffered over recent weeks because of the bad weather, and whilst High Street retailers have taken the hit because of the weather conditions online retailers have enjoyed huge profits, with consumers choosing to shop from the comfort and privacy of their own homes using their credit cards and debit cards rather than brave the freezing temperatures and head out to the shops.
However, in the lull between spates of bad weather consumers have also been hitting the High Street with their credit and debit cards, which has resulted in further spending.
Tags: hit, December, Business, economic problems, Christmas and holiday season, debitOne official from Barclays stated: “The early snow falls this month meant that the start of December was a little quieter on the high street than expected.” He went on to state: “This is likely to put even greater pressure on retailers as we draw to the end of the Christmas countdown, with customers being forced to do their shopping at the last minute.”