London, 20th December 2011 - With just 5 shopping days to go to Christmas - and the panic buying likely to be taking hold, the latest research* from leading online credit information provider, Equifax, has revealed that over a third of its customers have changed their gift giving plans this year. However, whilst it appears some friends and relatives may not be on the Christmas list this year, children remain the focus for gifts.
When asked if they have an agreed family policy on who receives gifts, 26% said they only buy presents for the children. A further 5% operate a ‘secret santa’ approach, allowing everyone to buy just one present and, therefore, reduce the Christmas shopping budget.
“It appears that general financial pressures may be hitting even festive spending as our research reveals that over a third of families have changed their gift giving policy this year”, said Neil Munroe, External Affairs Director, Equifax.
“However it is reassuring to see that some are taking steps to manage their budgets. Our research in the past has shown that many consumers can get carried away by the excitement of Christmas with spending getting out of control. And that makes for a New Year financial hangover that they struggle to pay off for the next six months.”
“So being more sensible about Christmas spending means they will start the New Year in better financial shape, reducing the large bills in January.”
*Survey amongst Equifax Personal Solutions customers, December 2011 - 1,267 respondents
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