Britons Will Spend over £14.5billion in January Sales

New research by a short term loan provider in the UK has found that Britons will spend over £14.5billion in total in the January sales. When polled, 69% of Britons said that they would be taking advantage of the New Year sales on offer with retailers.

£14.5 billion has been revealed as the total spend by British adults in the New Year sales, according to a poll conducted by a loan provider. Furthermore, the research revealed that only 24% of Britons will set a budget for spending in the January sales, whilst ‘fashion’ and ‘home entertainment’ were the top things Britons would spend money on.

The research was carried out by www.Peachy.co.uk, a short-term loan provider in the UK. They polled 2,478 Britons in a bid to understand more about their financial habits in the New Year. Respondents were asked questions about their activity in the January sales, their financial situation and total spend in the sales.
Initially, when asked whether or not they would be taking advantage of the January sales, a majority of 69% of respondents admitted that they would be. Only 31% of respondents said that they would not be shopping in the January sales.

Those who would be taking advantage of the January sales were then asked to reveal how much they would spend in the January sales, taking into account homewares, technology and gadgets, clothing etc. Researchers compiled the results to reveal an average spend in the January sales as £420.
Based on the fact that 69% of the UK adult population (50,501,583*) would be shopping in the January sales, researchers were able to calculate that the total spend by Britons in the January sales would be £14,635,358,640.

The same group of respondents were asked to disclose what they would be spending their money on in the January sales. They were provided with a list of possible answers and were asked to select all that applied to them. The top five results were as follows:

1.      Fashion – 43%
2.      Home Entertainment – 39%
3.      Technology – 32%
4.      Cosmetics – 27%
5.      Children’s Goods – 18%

Finally, despite revealing that they would be shopping in the January sales, only 24% of respondents said that they would set a budget before doing so. The remaining 76% revealed that they would be shopping in the sales without setting a budget or limit on spending.
Commenting on the results of the study, Kristjan Novitski, CEO of www.Peachy.co.uk, said:

“It’s no secret, the January sales can be a great opportunity to grab a real bargain. Black Friday 2015 wasn’t too successful for too many retailers, so I would expect some to push lots of bargains to make up for it in the January sales.” He continued:
“Despite this, it’s important for Britons to take care of their finances and set a budget before shopping. Impulse buys are common in New Year sales, but I would urge Britons to set a strict budget and only buy things that you need.”

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