Released on: November 14, 2007, 1:51 am

Press Release Author: Gracy

Industry: Financial

Press Release Summary: The credit crunch in the UK financial markets may not prevent
the Brits from spending more in the festive season.

Press Release Body: London (loans-bazaar) November 13, 2007: A survey from business
advisory firm Deloitte shows that Britons are expected to spend 7 per cent more
during the current Christmas season when compared to last year. The Annual Christmas
Retail Survey published by Deloitte indicates that consumers expect to spend £706
per person on an average compared to £662 spent in 2006.

The survey indicates that the current turmoil in the UK financial market might not
deter the Christmas shoppers. Although the rate of interest on personal loans and
mortgages has moved upwards in the recent months, there seems to be a little concern
amongst the Christmas shoppers.

The survey indicates that Christmas shoppers are likely to involve themselves more
in partying as well as in gift-shopping. Total expenditure on going out to pubs,
clubs and restaurants over the festive season is likely to increase by 18 percent to
£143 from £121 in 2006.

Richard Lloyd-Owen, head of consumer business at Deloitte said: \"Early indicators
suggest concerns about bruised financial markets and consumer confidence are nothing
more than concerns. People feel secure in their jobs and the general sentiment is
robust ... there\'s little evidence of household cutbacks.\"

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