Christmas spending: where does the money go?

Christmas spending3

Christmas is a time to spend with loved ones, catching up on the year’s events and reliving those traditions that have been in your family for decades.

However, the pressure people feel in the run up to Christmas seems to increase as each year passes. Much of this pressure centres around the all-important Christmas dinner, but people also can feel stressed about the presents they need to buy and how to make their home look suitably festive.

Often, this means spending vast amounts of money and stretching your budget to get your home looking ship-shape for the Christmas period. But, it doesn’t have to be that way and a study by giffgaff has found that over half of Brits can bring their Christmas spend in at less than £600.

Decorating on a budget

The study of 2,000 people across the UK analysed spending on presents, food and drink and decorations for Christmas.

It revealed that 59 per cent of respondents spent less than £600 on Christmas, as people focus on sticking to a budget and not letting the festive spirit get the better of them. Decorating the home for Christmas was a key area for savings, with almost half (49.4 per cent) of the respondents getting their homes ready for the festivities for less than £30. Only a fifth of all participants claimed to spend over £100 on decorating their home at Christmas.

If you’re looking for tips for decorating your home at Christmas check out the latest guide on festive lighting from Kimberly Duran.

Food and drink

Food and drink is seen as a huge Christmas expense with families all over the country descending on supermarkets to buy enough food and drink for an army, making sure every possible scenario is catered for. According to the survey, 21.7 per cent of Brits spend between £150-£300 on food for Christmas.

There is of course pressure to impress with your Christmas fayre and one way to do it is to look for inspiration and new recipes. If you’re looking for something new to impress your family, why not take a look at these easy recipes that will give your festive celebrations a boost.

When it comes to the favourite Christmas tipple, most of the burden for buying is shouldered by older generations, with millennials taking advantage of the generosity of family members. This means 27.4 per cent of Brits amazingly spend less than £20 on alcohol over the Christmas period.

If you’re entertaining over the Christmas period it can be daunting and it is only natural to worry about the expense that comes with hosting. But, there are some top tips to entertain on a budget, which can really help.

Gifts for the family

People appear to be spending more and more each Christmas, with the latest must have toys and tech gadgets making their way onto the Christmas lists of youngsters and adults alike. However, Visa has predicted that spending in 2017 is likely to decline when compared with previous years.

According to the payment provider, British shoppers could spend less on Christmas for the first time since 2012. The company also predicts a fall in spending on Christmas getaways. Market analysis carried out by Visa predicted that high street spending will drop by 2.1 per cent year-on-year, when the festive spending spree comes to an end.

Online sales are forecasted to increase by 3.6 per cent over the period, as people continue to take advantage of the ease of online shopping to purchase their gifts.

But, if you don’t want to break the bank and are looking for something a little different for your family, why not take a look at these quirky gifts that will add something special to Christmas morning.