Consumer: Shoppers pressured to spend too much

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Shoppers in Leeds are feeling pressured to spend more than they can afford this Christmas.

The average spend for people in the city stands at £319, according to a survey from musicMagpie.

The figure (for Yorkshire and Humber) is the lowest gift spend across the country – but one in four are still feeling pressured to spend too much for their bank balance.

Eight per cent admitted they would be resorting to additional credit, such as bank loans, pay day loans and credit cards, to fund their Christmas and 12 per cent said they had sold their own unwanted items to pay for other people’s gifts.

Liam Howley, marketing director at musicMagpie, said: “Christmas shopping is a significant area of expenditure for consumers at this time of year, so it’s no surprise people in Leeds are feeling the pressure to spend more than they can afford.

“It’s easy to get carried away buying presents. There’s the pressure of making sure the kids get the latest toys and gadgets and the pressure of making sure everyone gets a present. The best way to stop yourself from overspending is to set a strict budget and stick to it – but there are always ways to increase the amount you have without getting into any debt.

“In the past few weeks, we’ve seen trade-ins rise significantly and they are continuing to increase as Christmas comes closer.

“Selling unwanted items such as CDs, DVDs, games, mobiles and electronics is an easy way to make cash quickly.

“It is a much better alternative to borrowing money, especially if consumers use our new Faster Payments method - what’s more, it’ll make your budget go further.”

Music Magpie is a re-commerce company which gives people cash for their unwanted phones, CDs, DVDs, games and electronics – enabling them to make extra money all year round.

Felicity Hannah, personal finance commentator, said: “At Christmas, so many of us are short of two things: cash and space so this is a way to get more of both. Selling off unwanted items to fund your festive spending just makes sense, and Music Magpie makes it incredibly easy to do so.

“Selling off the stuff you never use is not just good for your pocket it’s also good for the environment because it gives people more choice on the second-hand market and means they don’t have to buy new.

“And going into 2016 with a clutter-free home and no Christmas debt would be a great start to the New Year.”

Visit: www.musicmagpie.co.uk

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