HSBC: Christmas spending will stay the same

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HSBC: Christmas spending will stay the same

HSBC has published the results of a survey which reveals that many people will not be cutting down on their overall spending this festive season, despite the credit crunch.

The survey revealed that 59 per cent of men are planning on spending the same amount this Christmas as last year and 52 per cent of women are planning to match their previous spending levels.

According to the study, people will spend an average of £479 on presents, cards, accessories and festive fare.

HSBC said that although some people are having to make cutbacks, saving throughout the year could help people maintain the lifestyle they are used to over Christmas.

Debbie Thomas, head of savings at HSBC, said: "Everyone knows that Christmas is an expensive time but by tucking away the cash, albeit sometimes small amounts, it can really add up to make next Christmas much more manageable."

Yesterday research by Abbey revealed that people were willing to sacrifice their social life in the run up to Christmas to ensure that they can still enjoy the traditional turkey for Christmas dinner.

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