With Christmas just around the corner many of us will be in spend mode – but often as the result of hard saving to get to this point.
More than half of us save money to specifically cover Christmas costs (55%), with January being the most popular month to start stashing the cash for the festive season according to new research from the John Lewis Partnership Credit Card. The research was among 2,000 UK adults that celebrate Christmas.
For those that save for Christmas, 71% of us would find it hard to afford the festivities if we didn’t start to save early, with over a third (37%) of adults buying presents between late summer and autumn.
John Lewis’ own data shows a sharp uptick in searches for items like Christmas trees immediately after the summer holidays. However, despite the early planning, the majority of customers start their shopping in earnest from mid-November.
Black Friday buying bonanza
With more than half (57%) of people admitting to feeling present pressure when it comes to finding the perfect gift within budget, many of us are hoping to bag a bargain over this Black Friday period:
73% of us are bargain hunters looking for deals and offers when buying presents
A quarter (24%) plan to maximise Black Friday sales
Londoners are the most likely to buy Black Friday deals (33%) compared to only 18% in Yorkshire and the Humber
Females are on the lookout for bargains more so than males (76% vs 66%)
Savvy spending – and gift-giving
For those that enjoy bagging a bargain in the January sales, you’re not alone – 60% of people have bought Christmas-related items immediately after the festive season when they go on sale.
Half (47%) of us have saved up vouchers or coupons to help pay for Christmas, with one in three (37%) gifting vouchers that they have accumulated throughout the year.
Financing the festive season
A third of us (36%) use a credit card to help finance festive season spending, with presents (89%), food (58%), and travel (40%) being the most common items to go on a credit card.
Thirty three percent of those have cleared their Christmas debt at the earliest opportunity come January. A further 25% settle theirs before the summer starts.
Those that use credit at Christmas put nearly £300 on their cards, with 68% doing so to help spread the cost of Christmas at this time of the year.
Jason Morrey from the John Lewis Partnership Credit Card said: “With saving starting in January, and spend peaking over the coming weeks in the run up to Christmas, it’s clear that Christmas is a year-long financial event for many people.
“Savvy-saving and being on the lookout for deals is definitely a sensible approach to helping our festive finances go further. And for those who haven’t yet started buying for Christmas, we encourage individuals and families to map out their budget, stick to it, and where it makes sense to, spread the costs over time to avoid any last minute financial pinch points.”
The Partnership Credit Card is currently offering new customers £40 in vouchers to spend at John Lewis and Waitrose when they open an account – and with 0% interest for the first six months it can help shoppers spread the cost of Christmas at no extra cost.
Speaking about the Partnership Credit Card more generally, Morrey added: “Once opened, our customers get rewarded every time they use their card. We know from speaking to them just how much they love receiving their vouchers in the post, and many do save them up to put towards Christmas costs – and even gift them to loved ones.”
For more information or to apply for a Partnership Credit Card, please visit John Lewis Finance or ask about it in-store. Terms and conditions apply.
To qualify for the £40 voucher offer, new customers need to apply for an account either in-store or online at johnlewisfinance.com and spend a minimum of £250 on eligible purchases at John Lewis and Waitrose within 90 days of opening their account. Available now, the offer runs until 8 January 2024. Customers can check their eligibility for approval via our website with no impact on their credit file too.
John Lewis plc is a credit broker and not a lender, introducing the Partnership Credit Card under exclusive arrangements with the lender NewDay Ltd, a leading credit provider who provides almost five million customers across the UK with responsible access to credit.
Representative example
27.9% APR | 27.95% | £1,200 |
Representative (variable) | Purchase rate pa (variable) | Assumed credit limit |
The 0% interest offer period lasts for six calendar months from account opening, and only applies to card applications made directly via johnlewisfinance.com or in-store. Applications made via a third-party site such as a comparison website will not qualify for the offer. When the 0% offer period ends, or if it is cancelled, you will pay the standard purchase rate on any remaining purchase balance. Your offer will be cancelled if you do not make at least your minimum contractual payment or you exceed your credit limit. For full terms, see johnlewiscreditcard.com/terms.
