Each year it seems that festivities around Christmas start earlier and this is no different when it comes to employees using their benefits packages to make savings on their festive treats
According to research from LifeWork’s Financial Wellness team, employees started their Christmas shopping much earlier this year with usage of its Perks & Savings up by 32% compared to this time last year. This has encouraged them to believe that records will be broken in anticipation of Black Friday and Cyber Monday.
Recent data shoed that 73% of respondents are planning to do their Christmas shopping this Black Friday and Cyber Monday (24th & 27th November). Last year they were the busiest and highest spend days of the whole year up by 113% and 135% respectively on the average.
James Cartlidge, UK partnerships director at LifeWorks comments, “Black Friday is now the UK’s biggest e-commerce day of the year and it is for us too. Although many have started shopping, we know many too are waiting for the large savings these dates bring. We’re seeing some savvy savings behaviour going on too; gift card purchases have increased by 70% as employees are buying early to double dip on the high street discounts, getting up to an additional 12% off.”
Other busy shopping days will be the first three days of December, with another uplift on the 20th and 21st for those buying last minute. Boxing Day will be busy too, as employees take advantage of the holidays and sales. Popular retailers include Amazon, ASOS, Trainline and Boots, but Ebay is expected to take the Christmas number one spot.
“The average household Christmas spend is over £800 and that’s on top of all other outgoings, so employees really appreciate the savings offered against the cost of festive food, fuel, travel, and gifts. Across shopping online, gift cards, restaurants, cinema and instant voucher codes, staff can save hundreds of pounds at this time of year. Indeed, over the course of a year, the average savings per employee is over £1,900, that’s equivalent to a 10% salary rise.” adds James.