The cost of Christmas

Paula ClarkChristmas, NewsLeave a Comment

The market research firm, YouGov, revealed that in the lead-up to last Christmas, anticipated spending was down to the lowest level since it began tracking festive finances back in 2012*.

However, at £751 the combined cost of gifts, cards, food and decorations still isn’t ‘cheap’ – but it continues a downward trend in spending that began in 2014. The reason? Quite simply, less money. More than half (58%) of those cutting back cited this as the main reason, and one in five (21%) had even set a budget to help cut down their spending.

And of those who anticipated spending more than usual last year, 54% felt compelled to do so due to rising food prices rather than feeling particularly generous. Meanwhile, the creeping cost of presents was cited by 46% of this group as another likely factor for overspending.

The ‘Christmas Spending Intention’ report has been monitoring pre-Christmas financial resolutions for six years now. It peaked in 2013, when respondents revealed they planned to blow a whopping £822 on the December holiday.

Although last year’s projections were roughly £70 less, at Usdaw Prepaid Plus we’re conscious that the festive season can still be a squeeze. The Usdaw Prepaid Plus Cashback card can act as a great budgeting tool in the run-up to Christmas. By only spending what you’ve loaded, it’s much easier to keep track of the pennies and stay on target for a cheaper – and merrier – Christmas.

*Source: https://yougov.co.uk/news/2017/12/18/average-christmas-spending-lowest-level-2012/

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