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How do we plan to pay for these gifts?
Most gift-givers (81.5%) will be tapping into their savings to pay for some or all of their purchases. Almost two in five (38.5%) will be using their credit cards and 12.6% will take out a short-term payday loan. Just under one in 10 (9.1%) will use a personal loan and some will also be borrowing from friends and family (8.9%) to pay for gifts this year.
Almost three in five Christmas shoppers (57.3%) will be using their savings for all of their gift purchases, while 14.3% will be expensing all of their gifts on plastic.
- Slightly more men will be turning to their savings for some or all of their gift buying compared to women this year (82.7% compared to 80.5% respectively)
- 43.4% of men will be paying via credit cards, compared to 34.3% of women
- More men will turn to short-term payday loans for their gift purchases (15.9% for men compared to 9.7% of women)
- Personal loans will be used by 5.8% of women’s and 13.0% of men’s Christmas gift purchases
- Men are double as likely to turn to friends and family to borrow money for gift purchases this Christmas (6.0% of women and 12.2% of men)
- Women will be relying solely on their savings more than men this year, sitting at 60.4% compared to 53.8% respectively
- Slightly more men than women will be solely using their credit cards for gifts this Christmas, sitting at 14.6% compared to 14.0%
How do we compare to our friends in the USA?
How does our Christmas gift budget compare to the US? While we plan to spend an average of £390.56 each this year on gifts, Americans are bigger spenders, budgeting US$663.96 (£494.77) each on gifts.
- For Brits, men plan to spend more than women, sitting at £410.85 compared to £373.18
- It’s a similar story for Americans, with men planning to spend US$725.15 (£540.63), US$115.68 (£86.22) more than women
- The cost of Christmas purchases seemingly translates overseas, with Gen X being the biggest spenders in both the UK (£425.10) and the US (US$782.40 (£583.37)). Millennials came in second for both (£416.76 and US$609.03 (£454.09) respectively), with Baby Boomers sitting in third place for planned spend (£350.68 and US$576.39 (£429.90) respectively)
- The UK’s biggest spenders are Londoners (£536.29), followed by those in Northern Ireland (£417.77) and Scotland (£417.77)
- Comparatively, the top spending states in America are Massachusetts (US$1,126.90 (£840.72)), followed by Texas (US$907.10 (£676.74)) and New Jersey (US$859.12 (£640.78))
- For us, those residing in the East of England plan to spend the least this year, sitting at £293.93, followed by the South East at £311.23 and the East Midlands at £326.98
- In the US, those residing in North Carolina plan to spend the least this year (US$370.53 (£276.36)), followed by Georgia (US$503.25 (£375.36)) and Miami (US$523.70 (£390.61))
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