New research suggests 8.5m adults are set to skip giving Christmas this year and spend the money on themselves instead, with a further 1.5m planning to hold out on exchanging gifts until the January Sales begin.
The Christmas shopping study, commissioned by credit card company Capital One, predicts shoppers will shave £109 off the average spend of £456 this year by waiting for discounts both on the high street and online.
Chief operating officer at Capital One Vicky Mitchell said: “Consumers are expecting generous discounts from retailers this year and are planning ahead to ensure they can take full advantage. With many Sales starting in advance of Christmas day, leaving shopping until that little bit later actually makes a lot of financial sense.”
Other tactics used by UK shoppers to maximise festive spending include downloading money saving apps, getting cashback on transactions and using web courier services to save on postage.
According to the Office for National Statistics, retail sales grew 6.4% in November, hitting a 10-year high.