Around 23 million people have left some of their festive shopping until the last minute and will be hitting the shops on Christmas Eve, according to latest research from Sainsbury’s Bank Credit Cards.
Based on interviews with people regarding their Christmas week spending habits, the Bank estimates that a staggering £832 million could be spent on Christmas Eve.
The 23 million who are expected to shop on Christmas Eve is significantly higher than in 2013, when a similar poll estimated 17.5 million people would be leaving their festive shopping until the very last minute.
According to the results, Christmas Eve shopping in 2014 is more likely to be a case of picking up the last few items, rather than attempting a frantic dash to do everything in a day.
The findings show that consumers have taken careful consideration about how they will fund this year’s Christmas presents, with four in ten saying they planned to use money they have saved over the course of the year. More than one fifth (22%) say they planned to use a credit card that they would either pay off in full, or switch to a 0% balance transfer card. A further 4% said they will buy gifts using a 0% purchase credit card.
A spokesman for Sainsbury’s Bank said: “It appears that fewer people are leaving all of their shopping to the last minute however our research shows there could be a rising number who are hitting the shops for one or two further gifts or last minute items.”