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Consumers 'need to budget effectively' when buying Christmas hampers
Published on 31/10/2011

Setting a budget and sticking to it will help consumers buying Christmas hampers and other gifts keep control of their finances, it has been claimed.

John Hughes, director of retail banking at The Co-operative Bank, said that many people will be watching their expenditure this year as a result of the tough economic climate, the Press Association reports.

He made the claim after research from the firm showed 55 per cent of consumers plan to spend less this year than last, with presents and party outfits the most likely items to be scaled back.

Mr Hughes noted that effective money management is the way forward to ensure that people do not saddle themselves with debt.

"Setting a budget for Christmas and then sticking to this will allow people to enjoy the festive period without beginning the new year with a financial hangover," he added.

According to a survey by the Centre for Retail Research, carried out on behalf of Kelkoo, online sales of Christmas gifts will rise by 16.3 per cent this year.

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