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Last-minute shopping 'causes overspending'

Putting off Christmas shopping until the last minute can lead people into financial difficulty over the festive period, according to new research.

A study by Egg found that the typical last-minute shopper spends 39 per cent more than they originally budgeted for Christmas presents because they resort to making 'panic buys'.

With almost four million Britons planning to leave their gift purchases until the week before Christmas, the financial services firm has estimated that UK shoppers will collectively overspend by £594 million this year.

"Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying," said Egg's chief marketing officer Alison Wright.

"Consumers need to try to find ways to drive down the overall cost of Christmas - one way seems to be by avoiding those last-minute shopping sprees," she added.

A sensible approach to Christmas shopping can prevent a "financial hangover" in the new year, Callcredit advised consumers recently. Personal loans can also help people to organise their finances.

See how much you could borrow when you apply for a loan with Lombard Direct.

© Adfero Ltd

14/12/2007 16:40:13

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