5, December, 2022, LONDON –
New research from personal finance comparison site, finder.com has revealed that Brit’s Christmas spending is set to drop by an average of 22% this year, falling from £548 per person in 2021 to £430 in 2022. This is the lowest level of Christmas spending that the UK has seen in the last 3 years.
The study found that 89% of the British public are planning to spend money on Christmas this year, the same as in 2021. Despite this number remaining unchanged, the total spend across the country has fallen significantly from £25.6 billion in 2021 to just over £20 billion in 2022. This stark drop is likely due to the current economic crisis in the UK which has seen the cost of living increase significantly, forcing many to rein in their Christmas spending this year.
Men were found to be the biggest spenders this year, with the average male expected to spend 25% more than females at an average of £493 compared to £370.
The silent generation were the least likely to spend money this Christmas, with almost a fifth of this generation (19%) not planning to spend anything on Christmas this year. This was closely followed by generation Z, where 14% don’t plan on spending money on Christmas in 2022.
When comparing how much different generations are planning to spend this Christmas, the study revealed that generation X will be spending the most, with an average spend of £520 each. On the other hand, baby boomers are expected to spend the least with an average spend of £334 each, that’s £186 less than gen X.
Which regions of the UK have had to cut back most this Christmas?
When exploring the regional differences in Christmas spending this year, the East Midlands were found to be spending the least on Christmas, with an average spend of £336 per person.
Compared to 2021, London was the region which has reduced their spending most significantly, falling by 55% from an average spend of £1,176 in 2021 to £534 this year. This was closely followed by the North East and the South East, where residents have reduced their Christmas spending by a total of 30% in both locations. In the North East, resident’s spending on Christmas went down from £593 in 2021 to £415 in 2022, and in the South East this fell from £531 to £374.
75% of the UK’s 12 regions will be spending less on Christmas this year, and only 3 regions will be spending more than they did in 2021, these were the East of England, West Midlands and Wales.
To see a further breakdown of the research, visit here: https://www.finder.com/uk/shopping-deals#stats
Commenting on the findings, Liz Edwards, editor-in-chief at finder.com said:
It’s clear that UK residents are feeling the squeeze of the cost of living crisis this Christmas, with many having to reduce their budgets significantly, and some choosing to avoid spending altogether.
If you’re celebrating Christmas this year, and are looking for simple ways to cut back on your spending, here are some tips:
Don’t hold on to unwanted gifts. A recent study from finder.com found that over £1.2 billion is wasted every year on unwanted gifts, and 23% of Brits keep the presents they don’t want. Try to be upfront if you don’t like something so that you can return it for something you do want. If that’s not an option, there’s no shame in re-gifting the item to someone who would like it. Re-gifting often gets a bad rep, but it’s a great way to cut down on waste and save yourself some money at the same time.
Set alerts to tell you about price drops. Price-tracking sites like PriceRunner and PriceSpy allow you to monitor and compare the price of items across a range of stores, and will alert you as soon as the prices drop. If you’re planning to make any big purchases this Christmas, using these sites is a great way to ensure you’re getting the best deal possible.
Combine your online orders to qualify for further discounts. Most retailers will offer free delivery or discounts if you spend over a certain amount, so try to plan your purchases ahead of time and buy everything you need at once. This should help you qualify for these discounts wherever possible, allowing you to take advantage of some extra savings.
Finder commissioned Censuswide on 23 November 2022 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).