New Study Reveals Cost of Last-Minute Holiday Splurge
Posted 2007-12-14
A report released yesterday by online banking giant Egg suggests that again this year, million of Britons will leave their holiday shopping until the last minute. Their delay will cause them to overspend by an estimated £594 million.
Nearly 4 million consumers will fritter away cash and credit needlessly, waiting until the week before Christmas to make gifting decisions. The toughest 800,000 among them will shop on Christmas Eve.
The research indicates that these procrastinating shoppers have set themselves up to go over budget by an average of 39 percent, or approximately £150 each.
Egg’s Chief Marketing Officer, Alison Wright, recommends that shoppers consider ways to reduce the cost of the holidays. In particular, she warns that anxious last-minute treks, coupled with the lack of purchasing options in the final days before the holiday, drive up spending levels. She reminds us that, “Each year we get 12 months advance warning that Christmas is coming.”
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