High interest rates may not deter Christmas Shoppers

London (loans-bazaar) November 13, 2007: A survey from business advisory firm Deloitte shows that Britons are expected to spend 7 per cent more during the current Christmas season when compared to last year. The Annual Christmas Retail Survey published by Deloitte indicates that consumers expect to spend £706 per person on an average compared to £662 spent in 2006.

The survey indicates that the current turmoil in the UK financial market might not deter the Christmas shoppers. Although the rate of interest on personal loans and mortgages has moved upwards in the recent months, there seems to be a little concern amongst the Christmas shoppers.

The survey indicates that Christmas shoppers are likely to involve themselves more in partying as well as in gift-shopping. Total expenditure on going out to pubs, clubs and restaurants over the festive season is likely to increase by 18 percent to £143 from £121 in 2006.

Richard Lloyd-Owen, head of consumer business at Deloitte said: "Early indicators suggest concerns about bruised financial markets and consumer confidence are nothing more than concerns. People feel secure in their jobs and the general sentiment is robust … there's little evidence of household cutbacks."

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