Christmas Eve spending rush
Many people have left their Christmas shopping until the last minute, with up to 13.3 million people planning to hit the shops on Christmas Eve, according to new research from Sainsbury's Credit Cards.
The findings indicate that 19% of adults intend to do some of their Christmas shopping on Christmas Eve, spending around £1.37 billion. This is equivalent to £57 million an hour or £951,000 per minute. In total, around 7% of people's festive spending will take place on Christmas Eve. However, 1.53 million people intend to do between 91% and 100% of their Christmas shopping then.
The research says that around 18% of this last-minute spending - some £246 million - will be placed on credit cards. Around 2.1 million people intend to put half or more of their last-minute Christmas shopping on their credit cards. Many of these people will not be rewarded for their card spend, however, as a third of credit cards on the market (33.2%) don't offer rewards.
Sainsbury's shoppers are rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a Sainsbury's credit card. This is equivalent to 2% cash-back on Sainsbury's purchases, which is four times more than the average non-introductory cash back offer of 0.52%.
Stuart McKeggie, Head of Sainsbury's Credit Cards said: "Once again there looks set to be a stampede of shoppers on Christmas Eve as many people leave their shopping to the last minute before Christmas. However, some people will be put off by the freezing weather conditions.
"In these prudent times, we believe people are looking at ways to stretch their budgets and take advantage of some of the great deals on the high street and in supermarkets particularly. With our card they'll benefit further by earning points as they spend, points they can then redeem in store to purchase their last minute Christmas dinner items or family's presents."
"Many shoppers intend to use credit cards for their Christmas shopping, which can be a safe and convenient way to shop and can provide great rewards for using them if you choose the right one. It is important to ensure that you have the right card for you in terms of the rate, the introductory deal and the rewards on offer. A family spending £100 every week at Sainsbury's on our card would receive £104 worth of Nectar points each year on this expenditure alone."
Men are slightly more likely to leave some of their Christmas shopping until the last minute, with 19% of men saying they would be doing some festive shopping on Christmas Eve, compared with 18% of women. It would appear that there is a marked difference in last-minute shopping between different age groups, with 22% of adults aged between 25 and 54 years saying they intended to make festive purchases on the eve of Christmas, compared with 13% of those aged 18 to 24 and 16% of those aged 55 or over.
Those in the South East are the most behind with their presents - on average 9% of their shopping will be done on Christmas Eve. Those in the Midlands are the most organised.