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Thrifty Brits expect to spend less this Christmas

3rd December 2015 Print

Don’t expect too much in your stocking this Christmas as thrifty Brits rein in their spending habits in the lead up to this festive season.

New research conducted by TSB found more than half of Brits (56%) are setting a festive budget, with one in five (21%) hoping to spend less during the holiday period than last year.

TSB’s Head of Current Accounts, Andy Piggott said: “It is great to see that people will be setting a budget this Christmas.  At this time of year, things can quickly add up and when you do some simple maths, the cost of presents, Christmas dinner, travel and drinks with friends can quickly equate to a hefty sum. 

While doing a little extra planning and saving in the lead up to Christmas can help to alleviate some of the shock, it is also important that people are realistic about their budget and are able to stick to it.”

When it comes to the festive spirit of giving, it seems many people will be cutting down on the cost of presents. Whilst the average Brit intends to spend £270 on Christmas gifts for family and friends, TSB found that a quarter of people (23%) intend to spend less than £100.  People from the North West tend to spend more on gifts at Christmas with an average of £315, while those from East Anglia are a little more thrifty, spending an average of £233 on Christmas gifts.

However, some Brits might find it’s not just cheaper presents under the tree this year, but even second-hand gifts.  Over a third (35%) of Brits admitted to re-gifting an unwanted present, with women twice as likely to re-gift than their male counterparts (46% women, 24% men).  But when it does come to buying presents, women on average spend more (£290) than men (£250).  Luckily, the cost of presents isn’t the be all and end all, seven in 20 (35%) people said that really, “it’s the thought that counts”.

Bargain-hunting Brits also revealed that more than half (55%) of the population will spend less than £50 on Christmas lunch  however,  the North East splurge the most, with one in 20 (6%) shelling out more than £200 on their turkey and trimmings.

And the Bah Humbug continues as even though most people (80%) said they love or like Christmas, one in 20 (5%) of people admitted to ‘hating’ Christmas, and just under a third (29%) of people feel ‘relieved’ when Christmas is over.