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Di Bai (News Correspondent), Young London News
British shoppers plan to spend the most on Christmas gifts this year, according to an international study of more than 11,700 consumers across Europe, but people aged 18-to-24 years most likely to say they save money for Christmas.
The report, by ING, found that of those with a clear idea of what they are likely to spend this Christmas, British buyers expected the most expensive festive season. On average, ING found, Brits will splash out €440 or £350 each on presents – almost half as much again as the next biggest spenders in France and Luxembourg (€300).
Teenagers and people in their early 20s intend to spend the least on Christmas gifts. This might also be indicative of their stage of life that can involve working part-time while studying and earning less.
48% of people in Europe aged 18-to-24 agree “I save money for Christmas”, the highest of any age group surveyed. The lowest share was for people aged 55+ at 30% and the all age average for people who save money for Christmas was 37%.
There is a clear increase in the planned spend on Christmas presents among those aged over 35. Men are more likely than women to agree “Regardless of my financial situation, Christmas is the one time of year that I allow myself not to worry about spending”.
There are also age differences, with people aged 18-to-24 years most likely to say they save money for Christmas. “Save more” is the most popular financial New Year resolution for 2015.
Significantly, 41% of all people surveyed responded that they did not know how much they intended to spend on Christmas presents this year—which could leave these people open to a financial shock in the New Year.