Consumers 'still set to spend this Christmas'

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Consumers 'still set to spend this Christmas'

Tue 1st Dec 2009

Shoppers still plan to shell on presents this year despite feeling the effects of the ongoing economic downturn, according to LV=.

However, many say that they have put limits on who will receive presents this year in place, with 49 per cent saying they are restricting their spends to their close friends and family.

On average, each adult will spend £294 on gifts this festive season, with the over-40s proving to be the most generous age group, racking up an average bill of £327 each.

John O'Roarke, managing director of LV= home insurance, thinks that many people do not want to cut back on luxuries at Christmas.

He said: "Instead, shoppers are opting for alternative ways of saving some money, by buying for fewer people or looking in outlets where they wouldn't normally shop."

In the summer, the financial services provider reported that financial concerns were forcing people to rethink their lifestyles, with the desire to spend time with their loved ones proving to be the main priority for consumers.

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