In the Egg poll, Christmas shoppers need to have a debt management plan otherwise they risk a “financial headache” in the new year as prices increase.
However, the good news is that recreational and leisure activities have not risen as steeply, meaning that “savvy shoppers can have a very merry Christmas without breaking the bank”.
“Christmas is a time for giving but shoppers need to make sure they don’t give themselves financial headaches for the new year by overdoing the spending,” said Alison Wright, chief marketing officer at Egg.
“Our retail therapy index reveals that over the past decade, the price of ‘fun’, as in recreational and leisure products and services, has grown by less than one per cent, while overall prices have increased by almost a third.”
However, debt management is still recommended, even when treating oneself, as financial experts warn that many people are still paying their Christmas bills the following season.