CHESTER, England, November 19, 2015 /PRNewswire/ --
- Men plan to outspend women on their partner's presents by an
average of £67
- Only one in five plan to stick rigidly to the Christmas budget
they set for their partner
- The £500 million[1] spent
every day on credit cards during December last year could be
eclipsed in 2015, as men are set to opt for jewellery and perfume
and women opt for new clothes for their partners
- MBNA study reveals that - unlike savvy seniors - many under-35
couples remain unaware of the added consumer protection offered by
credit cards over debit cards
The nation's men look set to outspend women this Christmas,
according to new research launched today (19
November 2015).
An in-depth study into the Christmas spending habits of more
than 2,000 UK couples[2],
commissioned by leading UK credit card company MBNA, reveals that
men are expected to outspend women by some £67 this Christmas,
spending an estimated £232 on festive gifts this year, compared to
£165 by women.
(Photo:
http://photos.prnewswire.com/prnh/20151119/289245-INFO )
Only one in five (21 per cent) thrifty men and just 18 per cent
of women are planning to stick rigidly to the Christmas budgets
they set for their partner this year, revealed the in-depth study
developed in partnership with research specialists Consumer
Intelligence.
Of the top five gifts for each of the sexes in 2015, jewellery
and perfume top men's gift list spending, with women planning to
spend most on clothes, underwear and aftershave for their
partners[3]. Despite there being
only a few weeks until Christmas, one in five (19 per cent) people
still have no idea what to buy their loved one.
Women: most popular Christmas purchases
for their partners in
2015
- Clothes (44 per cent; most popular)
- Aftershave (17 per cent)
- Underwear (16 per cent)
- Entertainment tickets (10 per cent)
- Vouchers (6 per cent)
Men: most popular Christmas purchases for their
partners in 2015
- Perfume (37 per cent; most popular)
- Jewellery (32 per cent)
- Clothes (30 per cent)
- Underwear (14 per cent)
- Vouchers (11 per cent)
With more than £500 million expected to ring through tills in
credit card retail sales across the country every single day in
December[1], MBNA is gearing up
for the busy festive shopping period.
"Based on last year's spending figures and the findings of this
new research, we expect an enormous amount of money will be going
through the nation's shops every day this December", said
Richard Whatmough, Director of
Marketing and Digital at MBNA. "Christmas is, without doubt, the
busiest time of year for people spending using our range of credit
cards, and it seems that men are due to be the nation's biggest
spenders on their partner's gifts this year!"
The survey shows that most people will opt to pay for their
partner's present using savings, their monthly income or a
combination of both this year, with others opting for loans,
overdrafts and store credit. Men say they are most likely to spend
on their plastic this year, with 27 per cent opting to pay by
credit card for their partner's festive treats. Nearly one in five
women (19 per cent) is planning to do the same.
MBNA has worked with financial analyst and credit expert
Andrew Hagger of Moneycomms to get
his view on how credit cards such as MBNA's Everyday Plus Credit
Card could help shoppers this Christmas.
"There are many ways to fund Christmas and this new insight
shows that many will opt to use store cards, catalogue credit,
overdrafts and loans; however, these can often turn out to be
expensive options", said Hagger. "There are some strong
alternatives that are worth a look as they could end up saving
consumers a tidy penny this year, particularly if they need to
spread out their borrowing repayments. The Everyday Plus Credit
Card from MBNA and American Express, for example, offers a host of
borrowing options, has a low APR of just 7.4 per cent per annum so
it isn't expensive if you need to roll over a balance; and it
carries all the added consumer protection of a credit card. In
fact, people could save up to £104 in just six weeks by using this
card rather than an authorised bank
overdraft[4]. Long term zero per
cent purchase credit cards are also worth considering."
Retired couples say are most likely to spend on their partner
using a credit card this year (26 per cent) as they say they know
about the added consumer protection that comes with spending on
credit card rather than debit card.
"It seems the older you get, the more aware you become of the
protection that comes with spending on credit cards", added
Whatmough. "We are delighted to see that some 98 per cent of
over-65s in our survey know about the additional consumer
protection, such as Section 75, that comes with using their credit
card. Compare that to just 43 per cent of 18 to 24 year olds and
that is an enormous divide in knowledge and awareness, so work may
be needed to raise people's awareness about this."
The MBNA Everyday Plus American Express® Credit Card
offers:
- A simple long-term low rate of 7.4 per cent p.a. for eligible
new customers.
- No credit card handling fees in the UK or abroad - all fees for
money transfers, balance transfers and ATM usage in the UK and
abroad have been removed.
- No foreign exchange transaction fees.
- No annual fee.
- Access to a range of everyday offers and benefits from American
Express.
- Apple Pay and contactless technology compatibility.
The MBNA Everyday Plus American Express® Credit Card
is available to apply for now on the MBNA website
http://www.mbna.co.uk.
Representative example: 7.4% p.a.
(variable) on card purchases. This is equivalent
to 7.4%APR representative (variable). Based on
a credit limit of £1,200.
MBNA's eligibility check allows customers to check how likely
they are to be accepted for the card before completing the full
application. Alternative products at either 9.9 per cent or 12.9
per cent p.a. may be offered, subject to status.
The card is part of a commitment by MBNA to offer a broad range
of products that help make life easier for consumers to manage
their finances. Credit is available, subject to status, to UK
residents aged 18 and over.
Twitter: https://twitter.com/mbna
Facebook: https://www.facebook.com/MBNA/
Notes for editors
- Source reference is the UK Card Association here:
http://www.theukcardsassociation.org.uk/2015-facts-figures/index.asp.
Total UK retail sales on credit cards in December 2014 was 16,006,358,421. This total
divided by 31 (total number of days in December) =
£516,334,143.
- Consumer Intelligence conducted the Christmas spending online
research study (of 2,028 UK adults who were either married or in
relationships) between 5 and 9 November
2015 on behalf of MBNA and the Everyday Plus Credit
Card.
- Infographic (attached): "Men vs. Women - The great Christmas
spending divide" shows the top gifts being bought by men and women
during the festive period in 2015
- Cost comparison based on cost of borrowing £2,500 for 6 weeks
(42 days) - Everyday Plus Credit Card from MBNA (actual cost
£21.28) v Barclays authorised overdraft (actual cost £126) -
Independent research and calculations provided
by Moneycomms.co.uk on 5 November
2015.
About MBNA Limited
MBNA Limited is a wholly owned subsidiary of Bank of America
Corporation (NYSE: BAC). It is one of the UK's leading credit
card providers and was voted Credit Card Provider of the Year for
the second year running in the Consumer Moneyfacts Awards
2015. MBNA is committed to implementing innovations to make
life easier for our customers. Headquartered in Chester for over 20 years, the company has a
long history of investing in the Chester Marathon, Chester FC and
the MBNA Chester Music Festival.
About Consumer Intelligence
Consumer Intelligence conducts consumer surveys and benchmarks
price and service performance providing unique insights into
competitor pricing and customer experiences, their attitudes,
opinions and behaviours. For more information, visit the website
http://www.consumerintelligence.com.