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Christmas Shopping

December 15th, 2007 by ThunderDragon

Christmas shopping, the busiest time of the year for retail outlets and the most expensive time of year for customers. And luckily I have very nearly completed my Christmas shopping, with all bar one of the presents I need to buy bought. And, unlike many other young people, I am spending more than last year [only a bit more, though, and simply because I am actually earning now, rather than being student like I have been for the last four Christmases].

Young adults, in the 18 to 24 range… plan to reduce their outlay on presents by 8 per cent, compared with two years ago, to just over £260 on average. Taking account of inflation, this indicates a double-digit fall in real terms.
By contrast, people over 65, previously the lowest-spending group, expect to increase their purchases by nearly 30 per cent to just under £347.
The highest-spending age groups, those aged 35 to 44 and 45 to 54, typically those with most children, expect to increase their present buying by 12.8 per cent up to £490, and by 11.1 per cent up to £435, respectively. (The Times)

That many young people are reducing their expenditure on presents isn’t really much of a surprise. Everything is so expensive nowadays! And the great and growing possibility of a credit crunch, coupled with the reducing availability of credit, is preying on minds - what happens if something goes wrong with the economy? Those who are very much in debt won’t have it easy then. Also, I think that many are now understanding the implications of having lots of debt, and the issues with credit, with the collapse and effective nationalisation of Northern Rock proving a case in point - even banks are vulnerable.

Elderly people are increasing their spending because this credit crunch matters little to them. They have few debts and usually own their houses outright, so they can afford to splash out a bit more.

Young people are also suffering from debts forced upon them by labour - Student Loans. It’s not nice to have that much debt hanging over you, believe you me.

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