Spending on debit cards is set to rise this Christmas
We all like to splash the cash at Christmas and it appears more of us are turning to our plastic friends as we do so.
Consumers are expected to spend a record £23 billion on their debit cards during December despite the economic downturn.
A further 17.8 billion of cash is also expected to be withdrawn from ATMs during the month, according to Barclays.
The group, which based its research on spending trends in the past two years, expects debit card spending to be 4% higher than during December 2008.
It said the extra bank holiday over the Christmas weekend was likely to benefit high streets and shopping centres as Britons used the additional day off to hit the sales.
People are expected to spend £5 billion on their debit cards in supermarkets this month, as well as £1 billion in petrol stations.
Debit card spending in department stores is expected to hit £650 million, with jewellers taking in £210 million.
People are also expected to spend £600 million in restaurants and pubs during the month, while they will use their debit cards to spend £75 million in off-licences.
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