New research from Halifax has revealed that two fifths (39%) of consumers took to the shops in January this year, searching for a bargain in the sales. However, in January 2009, almost half (48%) of consumers are planning to hit the sales.
New Year spenders
In 2008, the average consumer spent £112.40 in the January sales, however, there will be some differences in 2009:
One in four (26%) shoppers expects to spend more in the New Year sales and over a third (35%) intends to spend the same.
Surprisingly, 31% of men intend to spend more this year in the January sales, compared to a fifth (21%) of women.
The 16-24 age group are the biggest spenders with 34% of this age group admitting they will be spending more in the January sales. However, 46% of the 45-54 age group will be spending less in the sales compared to last year.
A third (35%) of consumers started their sale shopping early and took advantage of the pre-Christmas sales.
New Year window shoppers
Although there may be a rise in January sales shoppers compared to last year, some Brits are feeling the pinch of Christmas.
Half (50%) of those who shopped in the 2008 January sales will not be spending in the New Year sales. Over two thirds (70%) admitted it was because their finances are too tight and over half (54%) are worried about their future finances.
Almost two thirds of the women surveyed (62%) stated they will have less money to spend in the January sales compared to only 38% of men.
Second Thoughts?
After shopping in the sales, many of us have reviewed our bargain purchases only to find that we have made rash decisions and overspent whilst trying to bag a bargain.
Mike Regnier, Head of Banking at Halifax, said: "After spending in the run up to Christmas, it can make a welcome change to buy something for ourselves in the January sales. But, we often buy in haste because an item has been reduced, or as a result of the pressure to find a bargain.
"To help New Year sales shoppers stay focused and not over spend we've put together Halifax's top tips for shopping in the sales"
Halifax's five top tips for New Year sales shoppers...
1. Set a budget
Set a budget and make sure you stay within it, this way, you'll feel more in control of your finances and even more satisfied with your purchases.
2. Make a list
A list will help you stay focused on what you need to buy and avoid you being distracted by other things that you don't need.
3. Consider shopping online
Beat the crowds by shopping online, not only will you find some of the best bargains online but you may also avoid the temptation of buying more than you need.
4. Do your research
It is always best to do as much research as possible - either by checking prices online or comparing different products, you can be sure that when you finally buy your gifts you bought it for the best price.
5. Use free car parking
Why not save money on car parking by visiting large shopping centres or retail parks to take advantage of their free parking. You could even go one step further and leave the car at home; by using public transport you will not only save money on petrol but you'll also avoid the busy congestion on the roads.
