Budget brands take centre stage this Christmas

Extravagant spending is becoming a ghost of Christmas past as Brits rein in their expenditure on festive food and gifts this year, new research by Abbey Credit Cards has revealed.

More than half (53 per cent) of us will be choosing cheaper brands and supermarket own-label items for our Christmas dinner, while 37 per cent plan to seek out bargain food at discount supermarkets.
As the rising cost of living continues to hit home and economic uncertainty grows, it also seems that Father Christmas' sack will be significantly lighter this year, with nearly one in three (31 per cent) planning to spend less on Christmas presents for family and friends than last year.

Over half of Brits (51 per cent) say they are willing to sacrifice a luxury treat for themselves over the festive period, with one in five cutting back on holidays (21 per cent) and over a third reducing their outlay on entertainment (34 per cent).

One in five Brits (21 per cent) is funding their Christmas shopping with their credit card, while 47 per cent will pay for it with their current account and a further 20 per cent will dip into their savings.

Women have become particularly prudent with the purchases they make in the run-up to Christmas, with 80 per cent planning to shop around for the best deal and just under a quarter (24 per cent) looking out for any last-minute bargains (compared with 72 per cent and 22 per cent of men respectively).

Callum Gibson, Head of Credit Cards at Abbey, comments: "In the current economic climate, it's no surprise that many Brits are tightening their purse strings and cutting back where they can this Christmas. Consumers have learned to be savvier when it comes to shopping, searching for the best possible deal and being creative with their money to make it go further. Abbey offers customers 3% cashback on their supermarket and petrol purchases for six months up to a maximum of £75, helping to ease the cost of Christmas spending. Customers can also take advantage of a fantastic 0 per cent interest rate on balance transfers for nine months and purchases for three months."

If you are interested in applying for the Abbey Credit Card, visit abbey.com