87% avoid borrowing to cover Christmas costs

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 1, 2009 -- The latest survey carried out by consumer website, SaveAFewBob.ie, illustrates that people are serious about making savings this Christmas. With less than four weeks to go until Christmas Day, financial preparations are well underway.

The Christmas Shopping survey shows that consumers are employing a variety of methods to reduce spend including cutbacks, budgeting and saving stamps. Notably, the majority of consumers, 87%, are no longer willing to borrow. However, survey results also indicate that attitudes to lending vary between younger and older generations.

Commenting on the findings, Niall McHenry, Managing Director of SaveAFewBob.ie says:

'What this survey highlights is that the buy now, pay later mentality of recent times has well and truly been laid to rest. With most families having experienced a sharp reduction in take home pay this year, the current mood is one of caution and the majority of consumers will only spend what they can afford this Christmas'.

Funding Christmas ’09

Cutback

* 58% intend to dramatically reduce spend on food, drinks and gifts

* Women (67%) and those aged 55-64 years (66%) are most likely to cutback

* Men (48%) and those aged 65+ (38%) are less likely to reduce spend on food, drinks and gifts

Budget

* Over half (51%) of those surveyed have budgeted towards Christmas

* Women (58%), those aged 35-44 years (57%) and people with dependent children (59%) have made the greatest effort to financially prepare for Christmas

* Men (45%), 18-24 year olds (43%) and single people (42%) are less likely to have budgeted towards Christmas

Saving stamps

* 28% will rely on saving stamps and store coupons to purchase food, drink and gifts

* Those aged 45-54 years old (33%), widowed (35%) or from a lower social class (34%) are most likely to avail of savings stamps and store coupons

Borrow

* 13% intend to borrow whatever they need to fund Christmas

* An overwhelming majority, 87%, said they would not borrow to cover Christmas costs

* Participants in the 18-24 year age group are most willing to borrow money at 22%

* Participants in the 55-64 age group are least willing to borrow at just 6%

Christmas wish list ’09

While spending habits may be changing, people still wish to celebrate Christmas in a traditional manner:

* 92% intend to spend more time with family and friends

* 72% of those surveyed would like to get outdoors, exercise and partake in a greater number of community activities

* 68% intend to stay indoors, play games, watch TV or DVDs or surf the Internet

* 52% would to like to cook more festive food

Research was conducted by independent market research agency, RED C Research. Results are based on a nationally representative sample of 1,011 adults. Research was conducted via telephone omnibus from the 16th -18th November 2009.

To view this research piece in greater detail, click here

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