Egg: Millions spent on last-minute gifts

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Egg: Millions spent on last-minute gifts

Millions of pounds are spent on last-minute Christmas present purchases even though they are four times more likely to be unsuitable, it has emerged.

Some four million shoppers buy their gifts late, spending around £594 million on purchases, according to research by finance firm Egg.

However, two in five (39 per cent) late shoppers go over budget when purchasing last-minute presents and over-budget by an average of 39 per cent, the study noted.

Bearing in mind that people have 12 months notice on Christmas, Britons need to find ways to drive down their spending during the festive season, said Alison Wright, chief marketing officer at Egg.

"One way seems to be by avoiding those last-minute shopping sprees, when lack of choice and panic buying are rife," she added.

People buying presents in advance of Christmas this year have been mainly purchasing food and wine and spirits, according to recent research by PayPal.
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