Brits plan to spend, spend, spend this Christmas
Britons are planning to put their financial worries on hold this Christmas and spend, spend, spend, a survey by market analyst Mintel shows.Rising interest rates, the beginnings of a slump in the housing market and the ongoing effects of the recent credit crunch mean that 32 per cent of those polled said that money was now tighter, but many were not planning to adjust their Christmas spending accordingly.Mintel estimates that total retail sales this Christmas will be between two and three per cent higher than they were in 2006.However, Brits are not throwing caution to the wind completely, with 46 per cent of people claiming to have a budget they will stick to this year, and 22 per cent saying that they would spend less this Christmas than they did last year.Richard Perks, director of retail research at Mintel, said: "During 2007 overall spending has slowed down, but our research shows that confidence is still remarkably strong."The signs are that nothing is going to come between British shoppers and having a good Christmas this year."
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