23rd December 2015
Shoppers are planning to spend a total of £7.6bn in the end of year sales – despite having already shouldered the cost of Christmas.
According to new research by TopCashback.co.uk, four in five (79%) UK residents are planning to hit the end-of-year sales spending, on average, £150 each.
The love for low prices is well and truly imbedded in British culture as the majority (61%) of Brits describe themselves as bargain hunters and 14% even devise a sale shopping strategy to secure prime positions in queues to combat over-crowded stores.
More than a third (34%) of shoppers have saved up money to spend in the winter sales,17% of whom began saving from as early as last January. In a bid to minimise overspending, more than two-fifths (41%) of Brits will be putting a strict budget in place for the end-of-year sales. However, temptation may prove too great as more than half (56%) admit to going over-budget in the past.
While more than a third (34%) of consumers will spread the cost of winter sale shopping by using their credit card, more than a quarter (27%) will be taking the pressure off their wallets completely by using money received from Christmas gifts.
The research also lists Brits most sought after sales items, placing clothing at the top (84%), followed by electricals (52%) and home furnishings (36%).
However, not everyone is such a fan of the winter sales. Of those who will not be shopping in the sales, more than a third (37%) prioritise saving money instead of spending and around a fifth (18%) don’t think the discounts are as good as the other sales that happen throughout the year.