Christmas can be an expensive with the cost of gifts, food and drink, and socialising mounting up. But how much are Brits really spending?
A new survey has found that almost half of Brits (42%) get into debt each year due to Christmas spending. On average this debt is £218 per person.
Most of the expenditure at Christmas is on gifts – with Brits spending an average of £213. Women are collectively spending more money on Christmas gifts than men with 27% splashing out between £150-£300. Newly engaged couples, however, spend the most with 16% spending £400-£500, according to a survey by insurance provider Protectivity.
Dog owners are some of the biggest spenders with dog lovers across the UK looking to spend more on Christmas presents for their pooches this year.
The survey’s geographical data suggests Edinburgh residents are the most generous, with 20% spending between £500-£1000 on Christmas presents. On the opposite end are Belfast residents as 20% state they don’t spend any money at all on Christmas gifts.
The cost of food is the second most expensive part of Christmas. The average spend on the Christmas day meal is £102, and £70 on drinks. For Christmas decorations it is £96.
The survey found that 41% of respondents stated they feel financially stressed at Christmas, with 44% of women feeling the strain compared with 37% of men.
It also found 32% of Brits preferred a gift of money over fashion, jewellery, practical presents or vouchers and experience days.