Surviving the Christmas crunch: Your view
Dec 8th, 2008 by Jamie Bradley
Surviving the inevitability of the Christmas conundrum can be financially devastating to even the most price economical shopper out there, but with the added intensity of a credit crunch, this year’s bargain hunt could turn into more than you bargained for.
With retailers reporting annual declines in both sales and revenue, those potential presents would have to remain at a static price if these industries wished to recoup a profit, while staying competitive. The government’s deflation in V.A.T. by 2.5% has done little to compensate for the sudden rise in living costs and high interest loans for low income shoppers.
In order to see just how much the crunch has affected this year’s festive ’spendathalon’ we asked you whether you would be refining your Christmas card list and cutting back on the mince pies and sherry for Santa, or whether it’s still a case of spending more than you’ve got, in the knowledge that it can be paid off with one easy trip to see your bank manager in the New Year.
Here are a selection of some of the best responses from our forum and Facebook group:
Gareth Anstice, Kent:
“The credit crunch has ruined my Christmas, I have no money to buy any nice presents. Me and my family are having to buy each other things from Poundland, and we’ve looked out for any bargains we can on Christmas food. I’m just hoping we can stay in the black till our next pay packet!”
Dane Vincent, Skegness:
“There’s been a few cutbacks in our house because my mum’s factory has been hit severely by the whole financial market malarky. We’re cutting back on things like Sky TV, needless shopping items and endless other changes.”
Nick Curtis, Kings Lynn
“In my personal opionion the “credit crunch” hasn’t effected me at all as a student. My rent hasn’t changed, my car insurance hasn’t changed and my day to day spending hasn’t changed. Infact, petrol prices have dropped and with the new 15% tax, everything else has come down in price slightly. I have been living out of my overdraft for the most part of three years, both before the financial crisis and during. I don’t see any change to my lifestyle.”
Joanne Flanagan, Newmarket
“I don’t think it has affected me majorly; I just have to be more aware of how much I now spend on things that I want to buy and when I go out.”
Sharon Leese, Teeside
My rent for next year has gone up nearly £100, which is shocking. It’s all inclusive gas and electricity, but when they told me it had gone from £445 to £525 I was fairly shocked. That comes into effect in June. This is really annoying, as I am a poor student!
If you would like to air your view on the matter, without having to endure the strain of typing continuous keys on your computer, then simply select the option which best represents your current financial situation on the poll beneath:
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