Big spenders opt for big night in this New Years Eve
The annual Post Office Home Insurance New Year survey has revealed that the biggest spenders are opting for a big night in this year. The survey showed that those who plan to go out for the evening expect to spend less than those who party at home - by £38 per person.
Once considered the biggest night out of the year, a clear trend away from this has emerged as more people than ever (72 per cent) now choose to spend a night in with family and friends to welcome in the New Year. This has risen from 55 per cent in 2007.
Six per cent blamed bad weather for their decision to stay in, and a majority of 36 per cent said they simply preferred staying in to going out. Money was cited as having the biggest impact on plans for 13 per cent of people - despite it potentially being a false economy.
Overall seven per cent of UK adults will be either hosting a dinner party or attending one at a friend's house, with a further 13 per cent either hosting or attending a different type of house party.
People partying at home are set to splash out £95 each on food and booze and with dinner parties being so popular, many hosts could see their shopping bills mount up as they look to impress friends with their festive fare. This compares to an average spend of £73 for those planning to see in 2011 in a club, and £57 in a pub.
Overall one in four (24 per cent) will be spending less than last year, although the average spend is still £59 per person, rising to £66 for those living in the capital. People in the North East are set to spend the least, at £49 per person. Whilst both genders will be splashing the cash to get the party going, men (£67) will be spending an average of £15 more than women (£52).
As well as potentially having an expensive night ahead of them, those opting to celebrate at home also face the risk of having their property damaged by over-excited guests. In fact, one in five (21 per cent) have said they have put off hosting a party in their home because of this, rising to 28 per cent of the house-proud Welsh.
Post Office Head of Home Insurance, Gerry Barrett, said: "As our research shows, New Year's Eve can be a costly celebration, even when staying in, and the last thing you want is to enter into 2011 with stained carpets and damaged property. If you are opening up your door to friends and family to see in the New Year, it's important to make sure you're adequately covered against any revelling mishaps.
"With so many people set to spend lots of money on an evening in, it should be welcome news that the Post Office automatically increases contents cover over the festive period, ensuring customers are protected against opportunistic thieves. For a small extra cost, customers also have the option of taking out Full Accidental Damage cover against unexpected party catastrophes such as wine spillages on carpets or broken ornaments."