Brits waste billions in the January sales

Almost £5 billion will be spent in the January sales in the UK this year as shoppers defy the recession and start the new decade with some serious splurging.

More than half (54%) of those who shop in the January sales said they tend to shop spontaneously in the sales, compared to only 21% of people who said they research prices and shop online to be sure of getting the best deal.  Getting carried away when sales shopping can be a dangerous habit, particularly as 2010 looks set to be another tough year for many financially.

Research from Bright Grey, the protection specialist reveals that almost 2 billion pounds is likely to be wasted in the January sales this year, with people throwing money away on items they don't need or won't use.  Although men are revealed as the bigger spenders (spending an average of £56 more than women), women are more likely (66% of women compared to 48% of men) to have bought things in the past they considered to be wasted purchases.  Indeed a massive 57% of women have bought items of clothing they have never worn, and 10% have even bought clothing a size too small in the hope they'll slim into it.

Whilst women are spending heavily on clothes, men are perpetuating their own stereotypes.  Proving it's very much boys and their toys, men are much more likely to head for the electronics departments, with 35% of them saying they use the January sales to buy products such as TVs, games consoles, and stereos, compared to only 20% of women.

The research also reveals that big ticket purchases continue to be a draw, with just under half (48%) of those who shop in the sales using them to pick up high value goods.   The danger of over-spending in the current climate is clear - with the job market uncertain, many people could easily stretch too far and be left in real trouble.

Roger Edwards, proposition director at Bright Grey commented: "Christmas can be enough of a strain, without adding huge bills for impulse purchases in the sales. Games consoles, designer clothes, TVs - people always manage to justify these big ticket items as being bargains.

"The real shocker is the amount wasted in unsuitable purchases. It seems a lot of us are getting carried away with impulsive spending, but by simply cutting back a little we could put the money that's saved towards protecting our lifestyle and financial security in the event of a serious illness or prolonged time off work."