The average amount of money spent on Christmas shopping this year is expected to fall by £102 per person, new research has revealed.
A survey carried out by Birmingham Midshires found that Brits are looking to buy presents, festive food, booze and pay for Xmas breaks with an average Christmas expenditure budget of £706, compared to the average £808 used to finance last year’s festive period.
The bank’s study also showed that more people are cutting down on borrowing and opting to save to cover their expenditure this year.
The number of people paying for Christmas by borrowing has dropped 74 per cent in the last two years, while one in four has saved to cover an average 87 per cent of their Christmas expenditure, according to the findings.
Eleven per cent of the 1,976 respondents said they would use their credit card this Christmas, while the same percentage said they would rather raid their long-term savings .
"The financial climate certainly doesn't mean that Christmas is cancelled," commented Tim Hague, director of savings at Birmingham Midshires.
"Britons up and down the country will be cutting back on spending this year without sacrificing on many Christmas treats. This could have a very positive effect on New Year finances," he added.
Some 14 per cent of 35 to 44-year-old parents said their children's stocking would be less full this Christmas .
The bank added that Brits can save money this Christmas by giving smaller presents and spreading the cost by stocking up early on gifts, mince pies and nuts.
|
