Monday 24th December 2007
Millions of pounds are to be spent on credit cards on Christmas Eve as people look to do their last minute festive shopping, new figures reveal.
In research released by Sainsburys Credit Cards, a total of £2.14 billion is to be splashed on this December 24th as more than 19 million Britons are set to hit the shops.
Such figures equate to an hourly spend of about £89.16 million, or an estimated £1.5 million per minute.
Meanwhile, it is thought that about a fifth (18 per cent) of todays spending will be carried out via credit cards.
Further research from the financial service firm also indicated that a "staggering" one million people are due to do all of their festive shopping today, while 4.72 million Britons expect that they will have at least half of their purchasing completed by the end of Christmas Eve.
Consumers from the north-east, Yorkshire and Humberside were shown to be most likely to leave their Christmas shopping until the last minute, with just under a fifth (18 per cent) of people from the region stating that they intend to begin today.
Meanwhile, 16.5 and 15.7 per cent of those living in Scotland and Greater London are to hit the high street for the first time today.
On the other hand, consumers from Wales and the south-west of England appear to be the most organised as only 10.6 per cent will leave their shopping until Christmas Eve.
Commenting on the figures, Donald MacLeod, head of cards for Sainsburys, said: "It looks like the shops are going to be busy on Christmas Eve as a lot of people intend to do a significant part of their shopping then.
"Our research would indicate that the overall spend in the Christmas Eve rush is going to be considerably up on last years."
Earlier this month, Shane Craig, managing director of payment protection insurance (PPI) provider Paymentcare, reported that those using credit cards should consider taking out PPI.
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