Brits to splash out £7.6bn in the sales - Money - News - Moneyfacts

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Brits to splash out £7.6bn in the sales

Brits to splash out £7.6bn in the sales

Category: Money

Updated: 23/12/2015
First Published: 23/12/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Christmas may not even be with us yet, but many people are already thinking about the post-Christmas sales – and they're planning to spend huge amounts of cash on the whole thing…

Bargain hunters in a shopping frenzy

The figures, from TopCashback.co.uk, show that 79% of respondents are planning to hit the end-of-year sales, and they're thinking of spending an estimated £150 each. According to their calculations, this means that the UK could collectively spend a whopping £7.6bn in the sales this year, and that's if people don't end up spending more than they planned to.

The love for a good deal is truly ingrained in many of us, with the figures showing that 61% of Brits describe themselves as bargain hunters, and 14% even devise a shopping strategy to secure prime positions in queues and combat over-crowded stores – the bugbear of many a sales shopper.

Many won't be spending over the odds, however, as 34% have saved up money specifically to spend in the winter sales, with 17% of them having been saving since January. A further 41% will be putting a strict budget in place, but it seems that this may not be enough of a deterrent for many, with 56% admitting that they've gone over-budget in the past in an attempt to snap up a bargain.

How will you shop?

Hopefully, many people will be using their savings to cover the cost of their big festive sales shop, but 34% will spread the cost of the spend by using a credit card (hopefully it'll be one that charges 0% interest on purchases, as that way they needn't worry about interest making the whole thing far less of a bargain). A further 27% will be taking the pressure off their wallets completely by using the money they received as Christmas gifts, which could be the perfect way to justify a few treats.

As for what they'll be shopping for? Well, the most sought-after sales items include clothing (84%), and electricals (52%), but home furnishings features fairly highly, too, with 36% of consumers looking for a home-style bargain. Of course, not everyone is such a fan of the sales – 37% of those who won't be shopping say that they prioritise saving money instead, while 18% don't think that the discounts are as good as during other sales periods.

But, whether you love it or hate it, those who are planning on hitting the high street (or perhaps even more preferably, hitting the internet) would be wise to be prepared, be it through putting that Christmas money to good use or shopping using a 0% purchase card, and of course make sure to set a budget – if you spend too much and end up struggling in the New Year, they won't seem like such good bargains after all!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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