Manchester Christmas shoppers are set to spend an average of nearly £500 each on presents this festive season.
One in three Mancunians feel pressured to spend more than they can afford this Christmas, a survey has revealed.
Research conducted by online cash-for-goods company musicMagpie says that the average spend on presents is set to be at a whopping £436 in Manchester this year – £66 more than the national average.
Such is the pressure to spoil loved ones at this time of year, 15% of consumers in Manchester are resorting to additional credit such as bank loans, pay day loans and credit cards for financial support.
Selling unwanted items is also being used as a means of raising festive funds, with 14% of Mancunians employing this method.
According to musicMagpie and financial experts, selling unwanted goods is the most advisable way of increasing your festive budget.
Liam Howley, marketing director at musicMagpie, said: “Christmas shopping is a significant area of expenditure for customers at this time of year, so it’s no surprise people in Manchester are feeling the pressure to spend more than they can afford.
“It’s easy to get carried away buying presents. There’s the pressure of making sure the kids get the latest toys and gadgets and the pressure of making sure everyone gets a present.
“In the past few weeks, we’ve seen trade-ins rise significantly and they are continuing to increase as Christmas comes early.
“Selling unwanted items such as CDs, DVDs, games, mobiles and electronics is an easy way to make cash quickly, and is a much better alternative to borrow money.”
Personal finance commentator Felicity Hannah agrees with Liam – saying selling unwanted items has multiple benefits.
She said: “Selling off stuff you never use is not just good for your pocket it’s also good for the environment because it gives people more choice on the second-hand market and means they don’t have to buy new.
“And going into 2016 with a clutter-free home and no Christmas debt would be a great start to the New Year.”
The research found that the average Brit is sitting on £275 worth of clutter which could be used to raise Christmas funds.
Brits are also set to spend an average of £144 each on food and drink while one in five will blow more than £100 on nights out.