The death of the NYE big night out
Three in four people (74%) plan to have a ‘big night in' rather than the traditional ‘big night out' this New Year's Eve, according to the seventh Post Office Home Insurance New Year survey.
The trend for a "big night in" has continued to grow in popularity, with 36 million people in the UK choosing to stay in and celebrate with family and friends, compared to 72 per cent in 2010 and 55 per cent in 2007. Overall, seven per cent plan to attend or host a dinner party and one in ten (10 per cent) plan to dance the night away at a house party. It seems we may be approaching the death of the biggest night out of the year.
Money and cost also remains an important factor in deciding what to do to see in the New Year, with 14 per cent citing this as the main reason behind their plans. However, people partying at home are still set to spend an average of £95 on food and booze; which is double the £48 average spend for those planning on heading out to celebrate.
Over a quarter (27 per cent) plan to spend less than they did on last year's celebrations and the average budget (among those who will be celebrating and spending money to do so) has gone down from £59 per person last year to £55 this year.
Post Office Head of Home Insurance, Gerry Barrett, said: "New Year's Eve can end up being a costly night, and as our research shows bizarrely, it can be even more costly for those who plan to stay in. ‘Come Dine With Me fever' is apparently gripping the nation as more people than ever plan to stay at home or hold dinner parties, but many hosts could see their bills mount up as they look to impress their friends."
Last year's cold snap kept five per cent at home on New Year's Eve, but the mild autumn this year has meant that fewer people (three per cent) are blaming chilly nights for their party plans.
The "big night in" potentially carries even further expense for the hosts as they also face the risk of having their property damaged by over-excited guests. In fact, the survey found one in four (25 per cent) are put off from holding a New Year's Eve party at home because they are worried their furniture, carpets and personal possessions may get damaged by revellers. For party animals in the North East, this figure rises to a third (33 per cent) who have been put off hosting a party because of the potential for damage.
Gerry Barrett continued: "When entertaining, there's often a lot to think about and organise and insurance is often the last thing on people's minds. Post Office automatically increases contents cover by 10% over the festive period, ensuring that possessions are covered from opportunistic thieves and accidental damage. And 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."
Post Office Home Insurance also guarantees to beat the renewal premium offered by your current insurer by at least £25.
To find out more about Post Office Home Insurance, visit postoffice.co.uk.