December 25th, Christmas day is a public holiday in UK. The entire population of UK celebrates their time, decorates houses, exchange gifts and enjoys wonderful meals with family and friends. Except the emergency section all are in holiday even the public transport is not in the regular time. The houses, markets and other public places, every where you will find beautiful decorations.
Traditionally it is Jesus Christ’s birth celebration. From business point of view this is an important occasion for all business organization such as hotels, restaurants, gift shops, garments, food products, electronic goods, etc. in other words there is a hope of big market for all most all business sectors. So all wants to attract customers in their own unique way. However if we want to prepare the expenditure chat of Christmas in UK then almost half of the population enjoy their time on credit.
As per certain survey about 46 per cent of people used credit cards, store cards, payday loans, etc for their Christmas shopping. On an average per head expenses are about £300. However most of the citizen will agree that they feel pressure for these expenses though it is a different issue that we all eagerly wait for this occasion throughout the year. Even there are around 12 per cent people who used unauthorized bank overdrafts including some personal borrowing like from family or friends.
It is the general inflation that hikes the cost of living whether it is about food products or different rejuvenate options every where you can find the effect of inflation. So people have to compromise either with the quantity or quality of their purchased items. About 48 per cent choose to reduce the quantity in order to maintain their budget.
As per the statistics about 50 per cent of the population has to borrow, no matter whether you choose the credit card or personal loan option that fact is not at all pleasing. The most difficult thing is, there is no symptom of any whip on inflation that means before entering in to 2017 we have already the burden of credit. Though certain banks said that most number of people are in a way of paying back their debts. However experts believe we are still far from a economical sound period.
As per the executive director of Consumer’s Association Richard Lloyd, said: “Most of us like to splash out on family and friends at this time of year so the news that millions of people have drastically cut back on Christmas spending or taken out loans to cover Christmas costs shows just how squeezed household budgets are right now.
“It also shows how far we are from a consumer spending-led economic recovery.”
Nine out of ten families choose the cost cutting option but then also the total expenses on market is more than last year, which clearly defines inflation.