Many Brits are planning a shopping spree before the VAT rise in January with electronic items such as iPads and TVs amongst the most popular items sought.
According to research from Santander Insurance UK, consumers are expected to spend almost £9 billion or an average of £650 each in the next few weeks in advance of the VAT rise on 4 January 2011.
Electronic items, such as iPods, iPads, mobile phones and TVs, are the most popular items for pre-VAT hike spending sprees, earmarked by 42% of consumers. Perhaps not surprising, after all a tablet PC is the must have gadget this Christmas.
This is followed by adult clothes and alcohol and big ticket items, such as furniture and white goods.
The combination of Christmas presents and other new items bought for the festive season and last minute pre-VAT spending the value of goods in the home is likely to increase significantly.
As Colin Greenhill, Insurance Director, Santander UK comments: “consumers should ensure their home insurance provides the right level of cover for the value of all these additional items.”
Santander, along with other insurance providers, offer a range of home insurance products.
MoneyHighStreet comment: Also consider your wider valuables. By their very description they are usually expensive. Should your home be burgled are you sure your valuables are covered by your home contents insurance?
Critically it is important to buy home insurance that meets your needs – and this may not be simply finding the cheapest price.