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£3.3bn set to be spent combatting January blues

£3.3bn set to be spent combatting January blues

Category: Money
17/01/2018

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 It is now over 6 months old so the content may be out of date.

A tried and tested method of beating the blues, retail therapy is set to be rather popular this month, with £3.3 billion set to be spent in the January sales. This rivals the popularity of Black Friday, research from Whistl has found, and actually beats the Christmas sales.

Their findings show that 21% of people prefer to hit the high street on Black Friday, closely followed by 20% who prefer the January sales, leaving the Christmas sales in third place at 19%. A benefit of shopping in January is that you won't have to worry about getting presents for anyone else, and you may even have some gift cards burning a hole in your pocket.

With each adult set to spend an average of £64.20, there's plenty retail therapy to be done. The top destination for sale shopping is clothing stores, with 29% looking to renew their wardrobe, while 27% are after the latest tech products. Looking to fulfil some new year's resolutions, 19% will be stocking their kitchens with healthier foods, while those wanting to treat themselves may go for jewellery (15%) or pay for a future holiday (10%).

"It seems January will continue to provide an additional boost to the retail sector following Christmas," said Melanie Darvall, director of Marketing and Communications at Whistl. "It's not surprising to see why so many Brits see January as such a popular sales period. After having time off, it can often be hard getting back into the swing of things, but retail therapy can be a great way to quash those dreaded January blues."

Further figures show that sales prove to be too tempting to resist for many people, with 55% of Brits heavily influenced by sales and promotional offers. This results in £16 billion spent each year on sales items, with 45-54 year olds the most heavily influenced by sales and 80% of Brits persuaded to spend more than they had planned.

According to Whistl, a 45% discount is generally considered a good deal. There are ways to get even more out of your shopping than that, however, with the help of a cashback credit card. By making your purchases on a credit card that offers cashback, and then paying off the balance as soon as possible, you could get something extra regardless of whether you bought an item on sale.

Thankfully, credit card surcharges have recently been banned , so whichever store you go to, you shouldn't be charged extra for using the plastic. And if you'd prefer to get some reward points to spend at your favourite retailer or on travel, we have a Best Buy chart that shows all the top reward credit cards as well.

What next?

Shop savvy by using voucher and cashback sites, as well as a cashback or reward credit card, and then put the extra money into a savings account to earn even more extra cash

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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