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Cost of gift-buying for UK couples revealed

The purchasing of presents for a loved one is likely to be putting an increasing strain on the finances of the average UK consumer, new research has revealed.

According to a study by MoneyExpert.com, the average Briton spends about £62 on gifts for their partner each month, equating to £744 of present expenditure a year – 3.5 per cent of the average UK salary.

The survey also found that men are likely to spend more money than women when it comes to buying gifts, although both genders often need to use credit options such as personal loans and store cards to fund their generosity.

"With Valentine's Day, Christmas, anniversaries, birthdays and not to mention the month-to-month treats, we are coughing up more than ever before on gifts for partners," said MoneyExpert chief executive Sean Gardner.

"Nobody wants to put a price on love but it seems that keeping the spark going has never cost more," he added.

Research by Alliance & Leicester recently found that buying a car is the most common motivation for personal loan applications, with debt consolidation and home improvements also very popular reasons.

See how much you save with a debt consolidation loan from Lombard Direct.

28/06/2007 16:57:11

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