Halifax: Christmas spending to reach £12bn

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Halifax: Christmas spending to reach £12bn

Wed 5th Dec 2007

The average adult Christmas shopper will spend about £400 each on presents, according to new research.

Halifax says that only a third of shoppers will set a budget and warns that people will overspend on credit cards to finance their spending.

This Christmas' present bill will reach almost £12 billion, its research revealed, with people in the north spending about 50 per cent more than the national average per person.

Head of savings Mike Regnier said that people should start saving for next Christmas.

"We all know how expensive Christmas can be but by saving little and often we can make next Christmas that bit more manageable and that bit more enjoyable as a consequence."

Recent research from MoneyExpert shows that almost half of people still have not finished paying off debts from last Christmas.

Some 54 per cent, however, either did not get into debt at all or paid their credit card bills off in January, it said.

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