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Christmas boost for shops but spending will leave Brits in the red. Pearson May News Update - Wednesday 21 December
Pearson May news blog
Christmas boost for shops but spending will leave Brits in the red
Retail sales grew in the first two weeks in December as Christmas shoppers took to the high streets.
The figures from the CBI show that 41 per cent of the businesses surveyed saw sales rise during that period compared to a year earlier.
But as shoppers spend, a quarter of Brits will find themselves in the red in the new year, research from uSwitch.com has found.
The research found that 27 per cent of people surveyed expect to get into debt as a direct result of Christmas shopping, which will take an average of six months to pay off.
Commenting, Michael Ossei, personal finance expert at uSwitch.com said: "Cash-strapped consumers will be feeling a little short of Christmas cheer after another tough financial year. While the cost of living has rocketed, pay has been frozen or even cut and even those who have enjoyed a pay rise will have seen the benefits eroded as household bills soared. Splashing the cash at this time of year is very tempting, but for those already feeling the pinch a very merry Christmas could lead to a financial hangover that lasts well into next year."
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