Credit-crunched shoppers have helped performance at Christmas savings company Park Group, which supplies products such as seasonal hampers and vouchers.

The business reported that cash deposits were up£25 million to£101 million so far this year and sales via its web site were up 119 per cent year on year.

Park Group chairman Peter Johnson said: “I have been with this business for 40 years through good and bad times. I have learnt that in good times one can afford to save and in bad times one can’t afford not to.”

He said that people are saving more to avoid running into debt at Christmas and are assured that trust in Christmas saving schemes, which suffered after rival Farepak’s collapse in 2006, had continued to recover.

“Last year we had a substantial Farepak bounce [back] and we expect another this year,” Johnson said.

Park Group will also launch new and improved web sites in time for this Christmas, including a site offering charity gift vouchers and one for expats, allowing them to buy vouchers for friends and family in the UK.