British consumers 'to spend £53 billion during the holidays'

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British consumers 'to spend £53 billion during the holidays'

It is anticipated that consumers in the UK will spend a total of £53 billion over the course of the Christmas season, according to Apacs, the UK's payments association.

Figures from the association predict that this year's spending will be 4.2 per cent higher on that of December 2006, when consumers spent £50.8 billion.

Additionally, 64.3 per cent of this year's expenditure is expected to be made using credit and debit cards, Apacs claims.

Sandra Quinn, director of communications at Apacs, said: "Whether buying the turkey or stocking fillers, we're most likely to be using our debit card to pay for them this Christmas, continuing the ongoing trend of pulling out the debit card in preference to our credit cards, cash or cheques.

"The one exception is online where we are much more likely to use our credit cards - which makes sense because of the extra consumer protection they provide."

Meanwhile, for those who are already thinking about Christmas 2008, the Post Office has recently announced it will introduce a new savings club in January.

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