Festive cheer may be far from credit companies' minds this Christmas after a survey predicts that nearly 50% of shoppers WILL NOT be using credit or store cards for seasonal shopping this year, according to a poll undertaken by Votivation, a social enterprise resource for opinions, polls and petitions online.
[UKPRwire, Thu Dec 06 2007] Festive cheer may be far from credit companies' minds this Christmas after a survey predicts that nearly 50% of shoppers WILL NOT be using credit or store cards for seasonal shopping this year, according to a poll undertaken by Votivation, a social enterprise resource for opinions, polls and petitions online.
In an uncertain economy, rising interest rates and a slowing housing market has resulted in consumers taking a much more cautious approach to Christmas spending, the survey by social enterprise resource Votivation says.
Only 11% of respondents aim to use credit or store cards alone to purchase their Christmas presents.
Votivation said "Shoppers are clearly concerned about running up personal debt at a time when the possibility of increased mortgage, credit and store card payments may well become a reality early next year."
Research from the British Retail Consortium supports the view that consumers are feeling apprehensive about next year. Figures announced yesterday (4th December 2007) show that in November UK retail sales were up just 1.2% on a year earlier, well below the average for 2006 and 2007 to date and signaling an extremely price conscious Christmas.
"Whilst consumers are clearly being cautious it will be interesting to see whether they actually stick to their guns or end up resorting to their flexible friend for those last minute Christmas bargains." said Craig Jones of Votivation. "We will be undertaking a similar survey in January asking voters what percentage of their final Christmas spend actually went on credit - watch this space!"
About Votivation:
Votivation is a unique stakeholder social network that connects citizens with organisations they have a stake in; whether corporates, politicians, charities or celebrities. Through the opinions, polls and petitions generated by Votivation users, the company provides a unique way to influence public figures and companies. Votivation provides a unique and immediate market research facility providing instant feedback on key issues, consumer products and service. Its unique 'Earn and Give' concept rewards members for their involvement in the website as they can earn cash, at the same time donating a percentage of this to charity.
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