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Last-minute shopping costs us millions

Christmas rush (C) Rex 2007

Spending in the last week before Christmas is expected to approach £12bn this year. Those people who leave little time to find something suitable for their loved ones are more likely to miss out on specials, rush into a panic-buy and ultimately spend more – does that sound like you?

Christmas is traditionally a time to spend with family but it sometimes feels like we spend even more time “celebrating” the past year with workmates or pushing through crowds of fellow shoppers to find that unforgettable present.

Partly because of the crowds and other commitments at this time of year, many of us put off Christmas shopping for as long as possible – a strategy which often means we end up spending more than if we'd planned ahead.

Shoppers intend to spend £11.85bn on presents during the week before Christmas, according to research from Sainsbury’s Bank.

But the last-minute present dash tends to cost us millions more than expected and helps to blow the Christmas budget.

Britain’s last-minute Christmas shoppers will overspend by 39%, according to research from Egg, which amounts to a staggering £594m more than planned.

Better never than late?

With so much being spent on Christmas you would expect the presents to be top quality, but Egg adds that the true last-minute shoppers – those who only hit the stores on Christmas Eve – are four times more likely to buy a dud gift than those who shop in advance.

This adds up to a lot of money being spent on presents that our friends and family don’t really want – and might then pass on to others.

This Christmas will see the country’s gift-givers recycle a staggering 73 million unwanted gifts, worth an incredible £264m, according to Citibank.

Almost half of all unwanted gifts are passed on to someone else. It seems that for many people this Christmas, it’s not only the thought, but the planning ahead, that counts.

by Martin Pegan

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