Consumers wasted £900m on unwanted presents last Christmas

10 Dec, 2014

According to new findings by RateSetter UK consumers wasted a staggering £900m on unwanted Christmas gifts last year.

Research from the fastest growing P2P lender revealed that almost half of people receive at least one unwanted gift every year. Four out of ten per cent of people have given an unwanted present to charity whilst one in ten confined them to the rubbish bin.

According to Rate Setter calculations this gives charity shops the equivalent of a £460m boost every year, while over £120m of unwanted gifts are thrown out with the turkey leftovers.

On learning of these findings 50 per cent of Brits said that they were more likely to send cash than they were five years ago, while three quarters agreed cash would be a better alternative.

A spokesman from RateSetter said: “It’s worrying but not wholly surprising to see that £900 million was spent on unwanted gifts last year. To put this into perspective, if this amount of money was placed in a one-year product from RateSetter at today’s rate of 3.3 per cent this would earn people £29.5 million in interest by next Christmas.