Britons splash out on guilt presents
Oct 26, 2006
Guilt-ridden Britons are splashing out £736 million each year on last-minute or late presents, new figures show.
Although consumers in the UK spend an average of just over £120 on a birthday present for a loved one, those that leave it until the last minute or forget until after the birthday spend extra money to compensate, according to research from Lloyds TSB.
Those who leave their gift until the last minute spend on average 13 per cent more to appease their sense of guilt, while those who forget the present until afterwards spend around 14 per cent extra. It wasn't just birthdays that Britons forgot, with 15 per cent admitting to missing work leaving dos or forgetting Mother's Day or Father's Day, while 14 per cent have forgotten an anniversary.
A quarter of the people surveyed said that they had ended up spending more money on a present for the person that they felt they had disappointed. Homeowners who have spent their savings on presents and other costs may choose to take out a secured loan against the value of their home in order to fund larger purchases such as a new car.
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