People are less willing to splash out this Christmas
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With Christmas fast approaching, a new survey has revealed that people intend to spend less this year on seasonal products
The survey, carried out by YouGov, found that 1 in 4 people are holding on to their purse strings and choosing not to spend unnecessarily, as they may have done in previous years.
People are more likely to put a budget on how much they would like to spend this year, such as 7 in 10 people surveyed said that they plan to spend less than £50 combined on cards, a Christmas tree and decorations during this holiday season.
The survey also found that people are less likely to make ‘big ticket’ purchases this Christmas.
High street shops have tagged this trend and, as a result, a lot of shops are starting to make huge discounts on some of their products.
James McCoy, Research Director for YouGov SixthSense, said, ‘Many companies have pre-empted consumer reluctance to indulge in major purchases; Sony’s promise to return VAT on products bought before Christmas Eve is one such example.’
By Lauren King
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