According to research by finder.com, an average British adult will fork out £512.85 on gifts over the Christmas period this is despite 60% of people trying to cut down their spending.
This means that overall the UK is planning to spend £26.9 billion on festive gifts this year.
However, 60% are planning to reduce spending on presents in a range of ways while 21.70% take out a loan to fund their Christmas shopping.
Men are planning to spend £102.73 more on presents than women (£566.02 vs £463.29) with 67% of women spending less because they are planning to cut costs, with only 54% of men intending to reduce their spending on gifts.
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Ways of cutting cost this Christmas
|
Percent
|
|---|---|
|
Re-gift
|
10%
|
|
Set a price limit with family and friends
|
40%
|
|
Secret Santa instead of buying gifts for multiple people
|
11%
|
|
Make gifts
|
13%
|
|
Buy second hand gifts
|
10%
|
|
Giving a less expensive or free experience as a gift (e.g, massage, picnic)
|
15%
|
|
Waiting until after Christmas (Boxing Day sales, etc.) to do your Christmas shopping
|
9%
|
|
N/A – I don’t plan to cut costs this Christmas
|
33%
|
|
I don’t know / N/A – I don’t typically buy Christmas presents
|
6%
|
|
Other
|
2%
|
Jon Ostler, UK CEO at finder.com sait “It is interesting to see so many of us are thinking about how we can make our money go further or focus on experiences this Christmas.
“It can be a great feeling to give or receive a present, but it doesn’t need to break the bank. You will need to think about what your family and friends will value, but why not consider doing something really meaningful like learning to cook a new dish, making something or planning a day out somewhere.
“These could last longer in the memory than a product.”
