UK credit card spending is set for an increase over the festive period, according to new research.
On average, British consumers will spend £1,270 on credit cards in the three months leading to Christmas, figures from Morgan Stanley have revealed.
Additionally, UK shoppers plan to spend 35 per cent more during this holiday period, Morgan Stanley's credit card survey showed.
Items bought on credit cards throughout the season vary, with groceries and the home and car accounting for more than half of the total spend.
Patrick Muir, marketing director at Morgan Stanley Credit Card, commented: "The findings of our research are the first to give an impression of an increase in confidence for Christmas 2006 - a time when credit card spending traditionally rises.
"With repayment figures steadily increasing, this is a good sign for both consumers and retailers alike."
He added that more consumers are increasingly using credit cards to fund larger purchases such as Christmas gifts, as well as everyday items such as groceries.
MasterCard recently claimed that prepaid credit cards are an increasingly popular choice for Christmas gifts, as they are more flexible than other vouchers.
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Xmas credit card spending set for surge, study shows
Mon, 06 Nov 2006
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