2 December 2014

Two in five will start their Christmas shopping today

Almost two thirds hope to shop locally this Christmas. Over one third concerned they won't be able to afford Christmas this year.

Today marks the start of December and the arrival of Christmas, it is also the day that two-fifths (39%) of people will start their Christmas shopping. According to new research from TSB, almost half of men (49%) and a third of women (31%) will rush out to buy Christmas presents from today.

Brits shopping locally this Christmas

Interestingly, the research found that almost two-thirds (65%) hope to buy some of their Christmas shopping locally this year, at independent high street shops and local markets, rather than high street chains.

Over half (54%) of Brits will shop locally this Christmas because they believe it's important to support their local community, 37% will shop locally because it's convenient and a third (34%) to save time.

Christmas presents came top of the polls for items people plan to buy locally (43%), followed by the Christmas turkey, or another Christmas meat, from a local butcher (35%), locally grown vegetables (34%) and Christmas cards from local charities (33%).

Cutting back on Christmas costs

The research also found that over almost two fifths (37%) of people are concerned about the cost of Christmas this year. Regardless of whether family members are on the 'naughty' or 'nice' list, almost half (44%) of those surveyed are planning to cut back on the amount of money they spend on this year's festivities compared to last year.

Cost cutting measures include shopping around to get the best deals (53%), buying presents for children rather than adults (28%), splitting the cost of presents with another family member (27%) and using sites like Groupon, which offer discount vouchers and deals (26%).

Saving for Christmas

When it comes to paying for Christmas, over half (51%) will use the money in their bank account and encouragingly, one- fifth (21%) will cover the cost through a Christmas savings pot that they have already put aside.

TSB offers its customers a range of free tools, such as free text alerts, a mobile app and an online Money Planner, to help them take control of their finances and save money towards a chosen goal, such as a Christmas savings pot.

TSB's Money Planner is a free, easy-to-use Internet Banking service that lets customers keep track of spending made from their personal TSB bank and credit card accounts. By grouping the data into meaningful categories, such as entertainment, food and travel and displaying it in easy-to-read pie charts, the Money Planner clearly identifies where money is being spent in a typical month, compared to previous months and therefore helps customers see at a glance where they could be saving money.

Internet Banking customers can also register for a free text alert service that sends text messages about important account information directly to them. This, along with the mobile banking app, means that customers can take control of their account while on the go.

Andy Piggott, Head of Current Accounts at TSB, comments:  "It is great to see people helping local businesses and communities to thrive by shopping locally this Christmas.

"TSB has a range of tools in place to help customers take control of their finances and save money towards a chosen goal. Anyone not already using these to track their spending should set themselves a financial new year's resolution to do so and to stay on top of their finances in 2015. If you have ever wondered where your money goes, then these tools are definitely for you."

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Notes to editors

Consumer research was carried out by One Poll. A random sample of 2000 GB adults that celebrate Christmas, aged 18+ were interviewed between 21st November and 24th November 2014.

About TSB:

TSB Bank plc is a British bank which provides customers with a range of services and products such as current accounts, savings, credit cards, loans, mortgages and insurance.

With a presence on 631 high streets right across Britain, TSB Bank plc has approximately 8,000 staff looking after £22 billion on behalf of its 4.5 million customers. Our purpose is to support safe and sustainable economic growth in the surrounding communities, serving only individuals and local business customers.

For further information about TSB Bank plc, please visit our website  www.tsb.co.uk .