Brits set to spend £1,500 each to have themselves ‘a wonderful Christmas time’
With stockings to fill, turkeys to stuff and seasonal breaks to be had, Brits intend to spend nearly £1,500 (£1,484) each this festive season. The annual research from American Express has found a bumper £75.5 billion will be spent across the nation this year to celebrate Christmas.
Those who intend to embark on the full gamut of yuletide activities are spending the most on visits to Lapland and Christmas markets outside the UK (£386) followed by gifts for loved ones (£315). The yearly study reveals Britons’ total seasonal bill will be just £6 less this year compared to 2015, to ensure Santa’s sleigh is full of good cheer.
UK shoppers are shrewd when it comes to how they plan to offset some of their Christmas spending, with nearly half (47%) saving up rewards points to help with their festive fund, which allows them to save an average of £65.
The top 10 costs of Christmas:
Brits’ Christmas wish list - £
1 Christmas getaways outside the UK £386
2 Gifts £315
3 Christmas getaways in the UK £201
4 Hosting parties (e.g. food, drink) £104
5 Christmas gatherings with friends and family outside the home £93
6 Festive experiences (e.g. pantomime tickets, ice skating) £91
7 New clothes £87
8 Christmas day food shopping £81
9 Travel £76
10 Christmas decorations for your home £50
When it comes to funding the festivities, setting a Christmas budget is not top of the list for some. Nearly a quarter (22%) haven’t yet thought of the steps they will take to make the most of their money this Christmas, and nearly three in 10 (28%) don’t have a Christmas budget at all.
According to American Express Ambassador and Super Money Saver, Sarah Willingham, there is still time to get seasonal shopping in order: “While Christmas shopping can come with a large price tag for some, it’s important to get your finances sorted as soon as you can. Start planning now so you can spread the cost of Christmas as much as possible, that way you can keep an eye on the budget and see where your money is being spent. By keeping control of costs, you can focus on spending more quality time with your loved ones during the festive season.”
Jenny Cheung, Director at American Express commented: “A great way to make your spending work harder for you is to ensure you’re collecting rewards or cashback on your spending. Seasonal shoppers can get 5% cashback for purchases made in the first three months with an American Express Platinum Cashback Everyday Card, an earning of up to £100 . That way you make the Christmas cheer last way into the New Year.”
Sarah Willingham, Ambassador for American Express offers the following festive tips to make the most of your spending as the Christmas countdown begins:
1) Planning makes perfect – A third (33%) of people have a budget for Christmas but say they don’t always stick to it, but it’s important to keep a track of your festive spending. Make sure to write a list of the number of presents you intend to buy and for whom, so you can work out the right amount of money to set aside and spread the cost over the next few weeks.
2) Split the gift – Buying the perfect present can be a difficult and expensive process on your own, so why not consider splitting the price of a gift between friends or family? That way the person can receive the item they really want, without one person needing to spend lots of money.
3) Shop local – If you have an American Express Card and do your Christmas shopping on your local high street at participating ‘Shop Small’ retailers from 3 – 18 December, you’ll receive a £5 statement credit each time you spend £10 or more. For more info, visit amexshopsmall.co.uk
4) Book travel early – Britons will be spending an average of £76 each on travel visiting friends and family over the festive period and this cost can quickly escalate by not booking ferry crossings, bus, plane or train tickets in advance. Signing up to alerts for when travel companies release tickets can help you book as early as possible and take advantage of cheaper deals.
5) Bagging a bargain – If you are catching-up withfriends or family after 25 December, savvy shoppers can take advantage of post-Christmas sales when buying presents. By getting to the sales or logging on to websites early, you may be able to bag at bargain and fulfil festive wish lists at a fraction of the price.
6) Spend wisely – Look out for offers on your credit or charge cards. For instance, if you apply and get accepted for an American Express Platinum Cashback Everyday Card before 31 January 2017, you’ll receive an additional 3% cashback on your purchases from Amazon.