A record £50 billion expected to be spent on Christmas |
| Date Added: December 20, 2010 06:54:36 PM |
| Author: Sam Gooch |
| Category: Business & Economy: Finance and Investment |
| The UK is headed for a bumper Christmas spend this year, despite disruption caused by heavy snow earlier in the month.Barclays recently released figures predicting a record £48.9 billion spend over the Christmas period - an 8% increase from last year.It has been suggested that the quieter high streets seen earlier in the month that came as a result of snow and ice will simply result in even busier crowds in the last remaining shopping days on the run-up to Christmas. December 23rd is predicted to be the busiest day for debit and credit card spending, with estimations exceeding £1 billion. Meanwhile, ATMs will be busiest on Christmas eve as people raid their savings accounts to fund Christmas, peaking between 11am and 12pm with customers withdrawing around £88 million at a rate of more than £24,000 every second.According to the figures, a record £30 billion will be spent on debit cards throughout December. Despite the freezing weather conditions earlier in the month and further cold spells to come, most transactions will still take place on the high street, with online shopping making up just over a quarter of the total debit card spend. The majority of debit card spending (£6.4 billion), is predicted to take place in supermarkets, as people prepare for the festive period. Fuel stations will make up 1.6 billion in debit transactions as people travel to be with friends and families, while £18 billion is expected to come from withdrawals from the UK's ATM's and banks this month. The high spending levels are also expected to continue after Christmas, with anyone that likes a bargain making the most of the sales during the extra bank holidays as Christmas and Boxing day fall on a weekend this year. Many will also be looking to avoid the VAT rise next month by making any large purchases now. For obvious reasons London will see the highest spending levels in the UK, with the likes of Oxford Street and Westfield seeing more than £5 billion of spending this month alone. Dan Wass, Director of Current Accounts at Barclays said: “The early snow falls this month meant that the start of December was a little quieter on the high street than expected. This is likely to put even greater pressure on retailers as we draw to the end of the Christmas countdown, with customers being forced to do their shopping at the last minute.We urge customers to stay safe in busy areas and encourage them to use their debit cards rather than carrying large amounts of cash. Nearly all shops, restaurants, bars and online companies accept debit cards so it is the easiest way to get your Christmas spending done quickly and securely. We would remind customers to take care of their card and their PIN, especially when using their PIN in crowded places.Budgeting is also essential - customers can use Barclays mobile banking to keep track of their balance whilst they are out shopping. They can also sign up to weekly text alerts for a mini-statement of their bank account.” |
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