Norwich Union: Credit crunch cuts out Christmas excess

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Norwich Union: Credit crunch cuts out Christmas excess

Norwich Union has released the results of a survey today which shows that the credit crunch will cause Brits to cut out the usual excesses of the festive season.

The results show that many of those surveyed are actually welcoming the cutbacks, with 80 per cent saying that this Christmas would be less about splashing cash around and more about spending time with loved ones.

Nearly two-thirds of those surveyed said they thought that this Christmas would be more meaningful and over half said that the credit crunch will help them rediscover the true meaning of Christmas.

Louise Colley, head of protection marketing for Norwich Union, said: "It's good to see that we're refusing to let the credit crunch entirely steal our Christmases and planning more traditional, less expensive celebrations this year."

Last week Alistair Darling unveiled a 2.5 per cent cut in the rate of VAT, a measure aimed at helping families by making shopping less expensive in time for Christmas.

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