This year’s Christmas shopping bonanza will push consumer spending in the UK above £88 BILLION, research has revealed.
Shoppers splashed out an incredible £72 billion in 2013 but that figure is set to be eclipsed as offers flood the high street and internet.
The average person will spend £490 on celebrations – up from £488 in 2013 – with 67% of the money going on presents, 22% on travel, 8% on travel and 3% on decorations.
The figures were uncovered by finance company Evolution Money. They also show that the most popular presents for children is a games console, while for women it is perfume and for men it is a tablet computer.
An Evolution Money spokesman said: ‘Christmas is traditionally a time for celebrating and getting together with family and friends. However, the commercial pressures of the festive season are becoming harder to ignore every year.
‘This could pressure some people to spend more than they can really afford, and get them into debt just to buy gifts for others.’
The company published their findings as an infographic.