Brits to spend £13.5bn on Xmas presents

Thursday, December 3rd 2009

New research has revealed that Britons will spend a collective £13.5 billion on Christmas presents this year.

According to LV=, each adult will buy £294 on festive gifts, with Welsh consumers and those in their 40s the most likely to spend significant amounts of money on them.

The most frugal consumers will be those in their late teens and 20s.

LV= also found that 14 per cent have made efforts to tighten their belts in the run-up to Christmas, while 49 per cent of respondents will only buy presents for their closest friends and family members.

"Shoppers are opting for alternative ways of saving some money by buying for fewer people or looking in outlets where they wouldn't normally shop," commented John O'Roarke of LV=.

One-fifth of Britons do not have any savings in place to help them meet costs over the Christmas period, according to a recent study by Abbey.