Christmas shoppers who start early typically believe they save £120 by making their purchases before mid-December, a survey indicates.
However, the majority of UK adults (59%) who celebrate Christmas have not started their Christmas shopping by mid-September – at the 100 days before Christmas mark – according to the research for TopCashback.
The majority (78%) of festive shoppers have already started making purchases when there is one month to go before Christmas, the survey found.
But one in six (16%) said that by the one week before Christmas point, they have not done the majority of their Christmas shopping or have not started it.
The most common time for people who celebrate Christmas to start their festive shopping is in late November (16 to 30), followed by early November (1 to 15), the research indicated.
Around one in eight (13%) people said they shop throughout the year – with women (17%) being more likely to do this than men (9%).
The research indicated that early Christmas shoppers are motivated by spreading the cost, making the most of discounts and preferring to be organised. Some said they do so to allow time for online deliveries to be made.
Among those who leave their Christmas shopping late, time constraints, waiting to have the money available to spend and enjoying the festive spirit while shopping were among the reasons.
Two-fifths (40%) of Christmas shoppers fund purchases from their disposable income or current account, according to the survey carried out by Opinium among 2,000 people across the UK in September.
Other popular payment methods included credit cards (18%), general savings (15%), and dedicated Christmas savings pots (13%).
Adam Bullock, UK director at TopCashback, said: “Whilst Christmas may be widely dubbed ‘the most wonderful time of the year’, this research surprisingly shows just a small group of people are preparing weeks in advance for the festivities.
“Whether that’s to make the most of available deals or simply be organised – but the majority of UK adults who celebrate are most likely to start their shopping in late November.”
Chris Henderson, save and pay director at Tesco Bank, said it is important that people celebrating Christmas do not to feel pressured into overspending or overlook their day-to-day finances.
He said: “Now’s a great time to plan ahead, make some savings and build up a festive budget to help you enjoy the season with less stress.”
Mr Henderson suggested using budget trackers and apps to help people build a picture of how much money they may need to set aside and ensure they do not overspend.
He added: “Setting up a monthly transfer into a specified Christmas savings pot will help earmark money for the festive season, so you don’t spend it elsewhere.
“A good time to do this is right after you’ve been paid, by setting up a standing order on, or just after, pay day. Putting aside little amounts on a frequent basis will help you save sensibly.”
He also suggested using loyalty points and discounts offered by retailers to save some cash.
To help avoid feeling under pressure, Mr Henderson also suggested: “It may be worth having open conversations with family and friends about budget limitations or suggesting joint gifts or ‘secret santas’ to reduce spending pressure.
“Ensuring you’ve got key items budgeted for early will help avoid last minute or panic purchases when you’re shopping.”
