• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home Business and Economics Business

Christmas sets UK consumers back £1,000 on average

Study reveals the true cost of Christmas.

Jack Peat by Jack Peat
2019-12-16 09:48
in Business, Business and Economics
FacebookTwitterLinkedinEmailWhatsapp

The Christmas period is set to cost British consumers almost £1,000 each.

A study of 2,000 adults found celebrating the festive season by buying presents, food and drink, and outfits for parties will see them splash out an average of £973.80 per person.

Gifts for friends and family take up more than half of the seasonal spending, with peers’ presents costing a generous £213, while gifts for relatives and children total £316.

And Brits are keen to ‘deck their halls’, with half opting for a fresh Christmas tree, spending £55 on average, with a further £22 going on updating old decorations or tired tinsel.

Putting the ‘feast’ in festive, a further £141 goes on food alone over the festive period while £68 is reserved for alcoholic and non-alcoholic beverages.

Pressure to spend

John Pears, UK MD of credit services provider Lowell, which commissioned the study, said: “At nearly £1,000 per person, that’s a huge amount being spent on festivities each year.

“The sheer expense and the pressure to spend more can make this a stressful time of year for anyone.

“Ideally we’d all set a budget and save a little bit each month, but the reality is not everyone can and some of us will use credit to fund Christmas.”

The study also found only half of those polled said they financed at least some of their spending by putting money aside throughout the year before the Christmas period begins.

RelatedPosts

Trump unveils $499 gold mobile phones for ‘real Americans’

No ‘millionaire exodus’ as a result of Labour policies, study finds

Shops could be forced to accept cash in future

Liverpool to introduce tourist tax from June

And a quarter will begin their festive savings plan as early as January, to maximise how much they can put away.

Of these, the average person saves £93 each month, to help manage costs over the festive season.

Brits aim to have precisely £468 in savings by Christmas, to ensure they don’t have to go short – only half of what they actually end up spending.

More than a summer holiday

Christmas even costs more than an entire summer holiday according to more than one in 10 Brits.

Thinking about budgeting, two in five believe they spend more now on Christmas than they did five years ago, and 47 per cent confessed they have struggled to afford everything they wanted to buy.

One in three of those polled, via OnePoll, also admitted they often spend more during the festive period then they had planned, with a quarter asking friends or family for help.

John Pears added: “With more than 40 per cent of respondents agreeing, many people believe that the meaning of Christmas is overshadowed by the amount of money we spend.

“Christmas is all about generosity but that shouldn’t be any more stressful than worrying about burning the turkey.”

“Whether you are going to save or plan to use credit, having a budget and really clear picture of what you’ll be buying can help manage the cost of Christmas.

“But if things don’t quite go to plan, don’t worry, there’s always help and advice available, just ask.”

Christmas spending in numbers

Christmas gifts for friends – £213.07
Christmas gifts for family – £316.26
Buying a Christmas tree – £54.88
Spending on food – £141.62
Spending on drink – £68.29
Christmas decorations – £21.90
Wrapping – £15.76
Christmas party outfit – £61.17
Christmas parties or meals out – £64.65
Secret Santa – £16.20
TOTAL: £973.80

Related: Tories under attack as ONS reveal worst UK economic performance in over a decade

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← Non-payment of TV licence fee could be decriminalised ← Striker wants Man Utd? Arsenal close to new boss?
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->