Cut price Christmas for six in ten Brits this year
Cash-strapped consumers will be enjoying a cut price Christmas this year, according to new research from uSwitch.com. Six in ten (59%) will be cutting back in an attempt to rein in the spend. Instead of a shopping list, consumers will have a Christmas ‘chopping list' with presents, alcohol, cards and plenty of food the first things to go.
Although festive food is important to Christmas celebrations, in a bid to keep costs low but bellies full, Brits will downgrade their dinner with a third (32%) buying own brand and a fifth (21%) filling their baskets with value items. Almost four in ten (37%) will head to cheaper supermarkets in order to keep a lid on Christmas food costs.
Almost two in ten cash conscious consumers (17%) will also be buying cheaper joints of meat while more than one in ten (12%) will go without a traditional Christmas pudding. And although traditionally the season of excess, second helpings and cold turkey leftovers may be a thing of the past as this year more than four in ten people (43%) will dish up smaller portions and a fifth (19%) won't be buying snacks.
Altogether, 57% will be spending less on food. But in addition to this, 59% will be spending less on cards, and six in ten (60%) will be enjoying a slightly less ‘merry' Christmas - being forced to cut back on alcohol. People won't be dressing to impress this year either - 60% will be splashing out less on Christmas clothing.
On top of this, almost two thirds (64%) plan on spending less on presents. To achieve this almost a third of Brits (32%) will be trimming their Christmas gift buying lists. Friends will be the first to go (55%) but there will also be less festive cheer at work, as over a third (36%) say they won't be buying presents for colleagues. A quarter (25%) won't be shopping for their siblings this year.
With hard-up consumers hoping to save almost £70 on average, and over a fifth (22%) at least £100, by cutting back on gifts, it looks like there will be fewer presents under the Christmas tree this year.
Ann Robinson, Director of Consumer Policy at uSwitch.com, says: "Cash-strapped consumers face a dilemma this year. Another year of squeezed finances means that they either have to tighten their belts at the expense of Christmas cheer, or they face a struggle to afford a good Christmas, which can take the joy out of it. From the looks of it, this year Christmas will be a much leaner one and this could spell trouble for retailers.
"Although this year we will eat less, drink less and receive fewer gifts, hopefully fewer of us will suffer with a financial hangover. For consumers worried about losing the magic of Christmas, it may be tempting to splash the cash. But with the cost of living causing many family finances to be already stretched to breaking point, it may be a chance to enjoy the simple pleasures of the season instead."