Predictions Suggest 50 Billion To Be Spent On Christmas
The UK is headed for a bumper Christmas spend this year
, despite disruption caused by heavy snow earlier in the month.According to Barclays, the nation is expected to spend a record 48.9 billion on Christmas this year "" up 8% on last years figures.
The final shopping days before Christmas are expected to be exceptionally busy as freezing weather and snow caused many to hold off shopping trips in recent weeks.
December 23rd is predicted to be the busiest day for debit and credit card spending, with estimations exceeding 1 billion.
Meanwhile, ATM use is expected to peak on Christmas eve, with withdrawal rates amounting to around 88 million at a rate of more than 24,000 a second as shoppers raid there savings accounts for any last minute purchases.
In total, around 30 billion will be spent throughout December, and despite the snowy weather seen earlier this month, the majority of Christmas spending is expected to take place on the high street, with online purchases accounting for just over a quarter of all debit card spending.
High spending levels are set to continue in the final days of 2010 as people go in search of an early bargain during the extra bank holiday. Other savvy shoppers are likely to be making any big purchases before the year is out to avoid the VAT rise which will apply from early January.
London will see the highest spending levels this month, with over 5 billion in sales expected.
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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