THE diagnosis for the UK’s finances is bleak but it seems there’s no better cure for British shoppers than splashing out this Christmas with the average worker spending the equivalent of a doctor’s wage, according to a new report.
Research by cereal giant Kellogg shows that over a third of people who earn the average national wage of £25,000 or less will splash out up to £2,000 on luxury goods in December.*
At 10 pc of their salary this is more than they would earn in a month and represents an income of over £40,000 - similar to the earnings of the average NHS doctor.
This is also double what they would normally spend as those surveyed claimed to only have outgoings of up to £1,000 in an ordinary month.
The report also showed that nearly a quarter of people who earned below the average wage clocked up similar bills of around £2,000 in December.
More surprisingly it was non earners who also came out high in the spending stakes with nearly two thirds confessing to splashing out at Christmas, with a fifth admitting to having outgoings in the region of £1,000.
Topping the Christmas splurge was the weekly supermarket shop with half splashing out on premium foods, a third on dining out and a quarter on branded goods.
It seems to be more schmooze than scrooge amongst shoppers with a fifth confessing that feeling under pressure to outspend relatives, friends and partners contributed to their mounting Christmas spends.
Meanwhile over half of the 1000 people surveyed said they go all out at Christmas simply to make sure they have the best time possible.
Three quarters of shoppers don’t feel guilty about their extra Christmas expenses with nearly a quarter claiming to harbour a ‘buy now, worry later philosophy’.
Surprisingly it was the ‘silver spenders’ that topped the polls with nearly three quarters (72 pc) of pensioners admitting to overspending at Christmas.
People in Yorkshire and the North East were the most careful with their festive finances, with only 18 pc spending more than usual in December, while people in Birmingham and London were the most generous.
It also seems like the festive hangover is getting tougher to shift with over half of those surveyed claiming it can take up to twelve months to pay off the extra cost of Christmas.
A Kellogg’s spokesperson, said: “No matter how tough it is out there, when it comes to spending, Christmas still remains the one exception to the rule.
“People get carried away with the moment and end up spending more in December as they only want to buy the best for their friends and family and there is certainly a competitive element of keeping up with the Joneses.
“It seems that spending on premium goods is the perfect medicine in December and judging by these results you really can’t put a price on Christmas.”
ENDS
Note to editors:
*Research by Online Opinions
Top ten Christmas “upgrades”
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1
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Weekly shop
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2
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Premium foods
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3
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Dining out in restaurants
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4
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Nights out
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5
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New clothes
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6
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Branded goods
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7
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Latest electronics
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8
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Take away food
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9
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Hair cuts
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10
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Trips to the cinema/theatre
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