Four in 10 Brits are planning to “downsize” their festive celebrations this year – by making do with decorations from Christmas past, and setting limits when it comes to seasonal spending. A poll of 2,000 adults, who celebrate Yuletide, found 51 percent are cutting their budgets this year – but don’t want to compromise on too much.
In order to achieve this, 16 percent of parents are not getting gifts for each other, so they can spend more on the kids – and 24 percent are putting a stop to buying presents for people outside of their immediate family.
Meanwhile, 18 percent won’t be sending Christmas cards, and 20 percent are putting a “present limit” in place. Exactly half will be doing their festive “big shop” at a budget supermarket, so they can make their money go further.
And when it comes to the big meal, one in 10 will be buying a smaller turkey, while eight percent will be opting for a cheaper alternative. More than a tenth (12 percent) will even forego the crackers when it comes to Christmas dinner on December 25th.
On the other hand, 23 percent absolutely refuse to compromise the quality of their Christmas dinner – and a further 21 percent will not be sacrificing any meat or veg to make a saving.
Alex Sitaras, head of savings at Skipton Building Society, which commissioned the research, said: “For many, it’s been a year of being really cautious with cash, and there’s no getting away from the fact that Christmas is often the most expensive time of the year.
“This data shows that people are more conscious than ever before about how much they’re spending this festive season.
“Christmas is about spending time with your nearest and dearest, rather than spending money – and there’s no doubt that there’s cash to be saved, without having to compromise too much on what your big day looks like.
“A downsized Christmas could be the answer if you’re looking to spend less, and get your 2024 off to a positive start.”
The study found 72 percent are worried about affording the cost of the season this year, at least to some degree. Meanwhile, eight in 10 (81 percent) say it doesn’t matter what their festive budget is, as long as they’re with their loved ones.
However, more than a third (35 percent) admit to finding it hard to cut back on their Christmas spending.
In a typical year, adults who celebrate the holiday will spend £550 each on average, on presents, socialising, decorating, and other associated costs. But for Christmas 2023, this figure is set to drop to £476 per person, on average – a reduction of 13 percent.
Just over six in 10 (61 percent) also believe they’ll have to dip into savings to pay for Christmas this year. However, a third (33 percent) confess they’re actually looking forward to a more scaled-down celebration, according to the OnePoll.com figures.
Looking into the new year, 66 percent are feeling hopeful for the year ahead, with 68 percent planning to look at the ways they can save money in 2024. These include scouting for the best savings rates, selling unwanted items, and using banking apps to monitor spending.
Alex Sitaras, Skipton Building Society’s Savings chief, added: “The value of saving money in 2024 goes beyond simple financial prudence.
“It’s an investment in peace of mind, providing a safety net that allows us to focus on our aspiration, knowing we have a solid foundation beneath us. And if that starts with a cut-back Christmas in 2023, then any finance expert will tell you it’s a smart first step to take.”
