18 December 2007
Despite recent gloomy economic predictions from analysts, Britons still appear to be spending big this Christmas.
According to research from Sainsbury's Bank, more than £11.85 billion is set to be spent over the next week - £2.7 billion up on the bank's 2006 figure.
What's more, fears of the credit crunch leading to card purchases drying up on the high street appear to be unfounded - with Sainsbury's saying that around 18% of this festive spending will be put onto credit cards.
The research also states that the number of people putting more than half of their purchases on their credit cards will grow by 2.1 million this year to hit 8.6 million, indicating significant consumer confidence that they will continue to borrow from banks.
Donald MacLeod, Head of Cards at Sainsbury's said: "Credit cards can be a safe and convenient way to do your Christmas shopping and some provide great rewards for using them."
Holiday high-rollers were also identified by the Sainsbury's research - with around 1.4 million predicted to spend over £1,000 in a last-minute seasonal shopping blow-out.
Showing slightly more restraint, 4.4 million are set to ring up £500 to £1,000-worth of sales.
© 2008 Adfero Ltd
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