Where will you spend your money this Christmas?
Over the next few days, most of the UK adult population will spend a phenomenal amount of money preparing for Christmas, spending on festive decorations, shopping for loved ones, festive clothing and enjoying extra time with friends and family.
New data from The Co-operative Bank Credit Cards reveals the December spending trends for 2008 and highlights that the UK population is likely to spend their money in the run-up to this Christmas on more practical things such as festive food, train tickets to visit family and books.
The research shows that flush Londoners spend the most on clothing, beauty products and florists. However food-lovers from the North West spend more in restaurants that any other region in the UK.
Wales came at the bottom of the spending list for beauty products and restaurants, and people from the South West region tend to spend the least amount of money on florists, although the natural beauty of this region might have something to do with it.
The research also discovered that most people leave their Christmas shopping to the very last minute, with spending during the festive season is usually at its highest level the week before Christmas.
The Co-operative Bank recommends people to prepare and get financially fit for Christmas in order to enjoy the fast approaching festive season whilst welcoming in the New Year with their finances in order, our top tips are:-
1 Evaluate your current financial position. Look at your debit, credit and savings accounts.
2 Make a list of all your incomings and outgoings, such as mortgage payments, bills, food etc. Assess the money you owe and make a realistic plan to pay any debt off.
3 Make a Christmas shopping list; remember that a well thought present is worth more than an expensive generic gift. Make the most of any offers available and try not to over-spend.
4 Budget for the months following Christmas, and ensure you don't overstretch yourself.
John Hughes, Director of Retail Products at The Co-operative Bank comments: "The research shows that despite the current financial climate people are still willing to spend large amounts of money during December."
"Every year people look forward to Christmas, but we want to remind people that it is possible to enjoy Christmas and start the New Year with their finances in the best possible shape. Often people have to tighten their belt in January due to over-spending, but with a bit of forward financial planning and a little common sense people can start enjoying the New Year with their finances in check".