Christmas savings retailer Park Group has been buoyed by the economic downturn as cash-strapped families save further ahead for Christmas.

Sales via its web site have increased 119 per cent year on year and orders have already come in from customers for Christmas 2009.

The group said that it was resilient against the economic downturn due to the nature of its business, which helps customers save for Christmas goods and gifts.

Park Group chairman Peter Johnson will say at its AGM today: “I am pleased to say that the company has continued to perform in line with expectations and remains well-placed for future growth.

“Cash balances on deposit are currently£101 million,£25 million higher than the same stage last year, which will result in improved interest receipts. Both the Christmas savings and corporate voucher divisions continue to grow, aided by our expanding online presence.”

Park Group will also launch a range of improved web sites in time for this Christmas to enhance its offer.