Britain’s retailers can bank on the country’s platinum spenders this Christmas, with two-thirds of over-50s saying they won’t change their seasonal spending plans despite the continuing downturn.
Over-50s organisation Saga asked almost 11,000 older people whether they would change Christmas shopping plans – and 65% said they intended to fill their own larders and family and friends’ stockings as usual, while more than one in eight (13%) said that whilst they won't be reducing their spend, they would be spreading the cost of Christmas this year on their credit card.
“Platinum spend, platinum cards – and a silver lining for shopkeepers would appear to be the message from older people that they’ll be pushing their shopping trolleys around supermarkets and splashing the cash in gift shops in defiance of the downturn,” said Roger Ramsden of Saga Platinum credit card.
“With 21 million over-50s in the UK, and more than two-thirds of them saying they’ll be spending as usual this Christmas, it may not bring the biggest of smiles to retailers’ faces, but it’ll certainly give them some reassurance.”
Those in the 50-54 age bracket said they were most likely to spread the cost on a credit card – 18%, against the over-50s average of 13% - while the older the survey respondent, the more likely they were to make no changes to their normal Christmas spending routine.
“Like every financial services provider, we’d always encourage people to only spend within their means, but it appears that the older generations are more than comfortable with managing their spending and demonstrate a knack for savvy timing, with some prudent use of the 55-day no-interest-on-purchase feature of the Saga Platinum Card and it's low representative APR of 11.9%”.
The survey was carried out by Populus on behalf of Saga. Populus interviewed 10,889 Saga customers, all aged 50+, online between 11th November and 17th November 2011.
Information contained within this press release is designed for use by journalists and the media only.
Benefits of Saga Platinum Card:0% on purchases for the first 9 months* 0% on Balance Transfers for the first 9 months* (a 3% Fee applies)
0% Foreign Currency Fees are applied to transactions – Representative 11.9% APR (variable) – With average UK credit card typical APR rates at more than 16% and unsecured loans at more than 13% APR (Source: Bank of England) the Saga Platinum credit card offers value at just representative 11.9% APR (variable). Representative Example: If you had a credit limit on your card of £1,200, you used your full limit to make a single card purchase immediately after receiving your card and you repaid in equal monthly payments over 12 months at an interest rate of 11.3% variable, (Representative 11.9% APR variable), the total amount you will pay back is £1,274.69. Interest free cash withdrawals - up to 55 days Introductory Rate is charged for the first nine months on purchases and Balance Transfers from the date the Account is opened. At the end of this period the Introductory Rate reverts to the Standard Interest Rate applicableto the product at the time. A Balance Transfer Fee of 3% applies.The Saga Platinum credit card and Saga Platinum online service are provided by Allied Irish Banks, p.l.c. Registered Office: Bankcentre, Ballsbridge, Dublin 4, Republic of Ireland. Registered in the Republic of Ireland: Registered No. 24173.Saga Personal Finance is a registered trading name of Acromas Financial Services Limited, which is registeredin England and Wales (Company No. 3023493). Registered office: Enbrook Park, Sandgate, Kent CT20 3SE.