Future Of British Business
Retailers Dangle Credit to Get UK Holiday Shoppers Spending
- Customers encouraged to use debt to spread their spend
- Critics warn that borrowing could get out of control
Shoppers in London, UK, on Dec. 16.
Photographer: Dan Kitwood/Getty Images
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British retailers are drumming up new credit offers to encourage shoppers to spend more during one of the most challenging Christmas periods for business in years.
For the first time in a decade, department store John Lewis Partnership Plc, a favorite of middle-class Britons, has lowered the threshold for interest-free loans to £500 ($608) from £1,000. High Street mainstays Marks & Spencer Group Plc and Currys Plc are also offering more attractive financing options to tempt shoppers into splurging, and Frasers Group Plc is planning to launch a credit product as well.