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Last minute shoppers `risking future debt problems`

17/12/2007

Consumers who leave their festive shopping to the last minute are more likely to experience debt problems in the new year due to overspending, a study has shown.

Research by Egg found that Brits who leave their Christmas shopping until the last week before the big day spend an average of £150 extra on their total shopping bill.

A number of consumers are being pushed to the verge of bankruptcy as a result of not budgeting their shopping, the findings suggest. The estimated 800,000 consumers who leave their shopping until Christmas Eve spend 25 per cent more than those who shop at the start of December.

Alison Wright, chief marketing officer at Egg, said: "Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying.

"Consumers need to try to find ways to drive down the overall cost of Christmas - one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife."

Recent research from Abbey found that 2.9 million people started their Christmas shopping in January.

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