Cornhill Direct: Shoppers affected by credit crunch

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Cornhill Direct: Shoppers affected by credit crunch

Many British shoppers admit that they are planning to spend less this Christmas due to the effects of the credit crunch, new research reveals.

According to the Cornhill Direct Cost of Christmas survey, 30 per cent of adults say they will spend less in the 2007 holiday period as a result of the credit squeeze.

Respondents reported that they spent an average of £2,114 over the Christmas season in 2006, with around £1,059 being devoted to presents for friends and relatives.

Simon Coughlin, spokesman for Cornhill Direct, commented: "It seems extraordinary that one day in the calendar can have such an impact on people's finances."

He added that homeowners should make sure their insurance covers their Christmas gifts and make sure they conceal presents "right up until Christmas Day".

Last month, Cornshill Direct offered insurance advice to householders who had been affected by flooding.
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