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The nation’s men look set to outspend women this Christmas, according to new research launched by MBNA.
An in-depth study into the Christmas spending habits of more than 2,000 UK couples, commissioned by leading UK credit card company MBNA, reveals that men are expected to outspend women by some £67 this Christmas, spending an estimated £232 on festive gifts this year, compared to £165 by women.
Only one in five (21 per cent) thrifty men and just 18 per cent of women are planning to stick rigidly to the Christmas budgets they set for their partner this year, revealed the in-depth study developed in partnership with research specialists Consumer Intelligence.
Of the top five gifts for each of the sexes in 2015, jewellery and perfume top men’s gift list spending, with women planning to spend most on clothes, underwear and aftershave for their partners. Despite there being only a few weeks until Christmas, one in five (19 per cent) people still have no idea what to buy their loved one.
Women: most popular Christmas purchases for their partners in 2015
• Clothes (44 per cent; most popular)
• Aftershave (17 per cent)
• Underwear (16 per cent)
• Entertainment tickets (10 per cent)
• Vouchers (6 per cent)
Men: most popular Christmas purchases for their partners in 2015
• Perfume (37 per cent; most popular)
• Jewellery (32 per cent)
• Clothes (30 per cent)
• Underwear (14 per cent)
• Vouchers (11 per cent)
With more than £500 million expected to ring through tills in credit card retail sales across the country every single day in December, MBNA is gearing up for the busy festive shopping period.
“Based on last year’s spending figures and the findings of this new research, we expect an enormous amount of money will be going through the nation’s shops every day this December”, said Richard Whatmough, Director of Marketing and Digital at MBNA. “Christmas is, without doubt, the busiest time of year for people spending using our range of credit cards, and it seems that men are due to be the nation’s biggest spenders on their partner’s gifts this year!”
The survey shows that most people will opt to pay for their partner’s present using savings, their monthly income or a combination of both this year, with others opting for loans, overdrafts and store credit. Men say they are most likely to spend on their plastic this year, with 27 per cent opting to pay by credit card for their partner’s festive treats. Nearly one in five women (19 per cent) is planning to do the same.
MBNA has worked with financial analyst and credit expert Andrew Hagger of Moneycomms to get his view on how credit cards such as MBNA’s Everyday Plus Credit Card could help shoppers this Christmas.
“There are many ways to fund Christmas and this new insight shows that many will opt to use store cards, catalogue credit, overdrafts and loans; however, these can often turn out to be expensive options”, said Hagger. “There are some strong alternatives that are worth a look as they could end up saving consumers a tidy penny this year, particularly if they need to spread out their borrowing repayments. The Everyday Plus Credit Card from MBNA and American Express, for example, offers a host of borrowing options, has a low APR of just 7.4 per cent per annum so it isn’t expensive if you need to roll over a balance; and it carries all the added consumer protection of a credit card. In fact, people could save up to £104 in just six weeks by using this card rather than an authorised bank overdraft. Long term zero per cent purchase credit cards are also worth considering.”
Retired couples say are most likely to spend on their partner using a credit card this year (26 per cent) as they say they know about the added consumer protection that comes with spending on credit card rather than debit card.
“It seems the older you get, the more aware you become of the protection that comes with spending on credit cards”, added Whatmough. “We are delighted to see that some 98 per cent of over-65s in our survey know about the additional consumer protection, such as Section 75, that comes with using their credit card. Compare that to just 43 per cent of 18 to 24 year olds and that is an enormous divide in knowledge and awareness, so work may be needed to raise people’s awareness about this.”
The MBNA Everyday Plus American Express® Credit Card offers:
• A simple long-term low rate of 7.4 per cent p.a. for eligible new customers.
• No credit card handling fees in the UK or abroad – all fees for money transfers, balance transfers and ATM usage in the UK and abroad have been removed.
• No foreign exchange transaction fees.
• No annual fee.
• Access to a range of everyday offers and benefits from American Express.
• Apple Pay and contactless technology compatibility.
The MBNA Everyday Plus American Express® Credit Card is available to apply for now on the MBNA website www.mbna.co.uk.
