Christmas spending frenzy calmed by crunch
UK consumers are planning to spend significantly less on Christmas this year, according to new research by uSwitch.com.
More than half (56%) of Brits said they will be buying less presents this year.
Nearly two thirds (63%) said they will be spending up to £200 less on gifts.
A third (32%) of adults said they are cutting back on children’s Christmas presents, while 45% will be spending less on food and drink.
Eight in ten (78%) said they will be hunting among bargain and sale items for gifts, while one in ten (12%) will be making home-made gifts.
Four in ten (49%) have agreed upper spending limits with family and friends.
“People still intend to enjoy Christmas, but in a more simple and honest way than perhaps we have seen over the last decade,” said Ann Robinson, uSwitch.com director of consumer policy.
“Crucially, many households have heeded the lessons of the last year and have scrimped and saved, set budgets and agreed spending with friends and family.
“This kind of pre-planning is essential if you want to avoid financial strain in the New Year as the bills come in.”