The credit crunch hasn’t stopped consumers spending money this Christmas, research from Legal & General reveals.
Despite reports and warnings from retailers that this Christmas will be one of the worst for the High Street, an L&G survey found the number of consumers in the mood to spend this November was up 3% from the same month last year.
Julia Clayworth, wealth management customer marketing manager at Legal & General, says: “It is really interesting to see that despite suggestions we are starting to feel the pinch, consumers are still getting into the Christmas spirit and spending with confidence.
“As these results relate to November, I’m pleased to see that people are quite sensibly looking to spread the cost of Christmas over a few months rather than leave it all to the last minute.”
L&G also reports a widening gap between the spending habits of men and women. While only 30% of men said they were in the mood to spend a much more festive 44% of women were looking to spread Christmas cheer on the high street.
Data from ATM network LINK also suggests consumers are splashing out this Christmas. It says daily cash machine withdrawals so far this December are up 7% on November.
This means that in December so far, more than £3.2 billion in cash has been withdrawn from LINK cash machines - an increase of £140 million compared with the same period in 2006.