Thursday 8th November 2007
Concerns about the credit crunch are leading many Britons to spend less in the run-up to Christmas, an industry expert has claimed.
James Falla, director of Thomas Charles, notes a tendency among consumers to reduce their outgoings in the current climate of tightened lending conditions.
"People are thinking about reducing their expenditure in the areas of their credit cards and things like that," he observes.
Mr Falla adds that it is an "excellent time" to do so - despite stating that it is difficult to limit expenditure in the run-up to Christmas.
"I think people need to perhaps wake up a little bit to the fact that they cant just spend willy nilly," he explains.
Meanwhile, the spokesperson suggests that a significant fall in house prices could add to the decreased willingness to spend.
He contends that many Britons could be less likely to purchase goods using credit if they do not have as much equity in their house "to almost fall back on".
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