Annual warning to no avail states Egg management

Posted 2007-12-14

According to credit card provider Egg, some 4 million Britons will procrastinate to their own peril on holiday gift buying this year. Adding to the worst of these lambs who dive last from the cliff, are some 800,000, who will leap on Christmas Eve.

The frenzied crowd who fall into this category will apparently overspend an estimated £594 million this Christmas, announced Egg yesterday.

Egg researchers state this lack of planning and shopping at a more leisurely pace will drive shoppers to overspend their budgets by an average of 39%, or approximately £150 for each late shopper.

Contrary to popular belief, the Egg study also found that women are equally as likely as men to fall into the category of panic-buying; reaching for just about anything to fill a package or stocking at the last minute – rather than remaining level-headed and budget-conscious.

It’s a huge waste of cash and credit; undoubtedly adding to the heap of stress most people already feel in their tightening budgets – not to mention the constraints on time – in their already very busy lives.

Alison Wright, Chief Marketing Officer at Egg, said, “Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying. Consumers need to try to find ways to drive down the overall cost of Christmas - one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife.”

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