Call free today: 0800 0431 431

As the nation struggles with the cost of living crisis, stay up-to-date with the latest news, tips and advice to help you manage your money at our cost of living hub.

How much are people spending on Christmas 2021?

17/12/2021

Creditfix > Blog > Creditfix Debt Help Blog > How much are people spending on Christmas 2021?

 

Brits are spending more this Christmas than in 2020 in a bid to make it a festive season to remember.

According to new YouGov research, Christmas spending has risen for 2021. People are expected to spend an average of £1,108 per person this year – a £200 increase on 2020 spending. 

The biggest expense, unsurprisingly, will be gifting this festive season, with shoppers spending an average of £388 on presents.

Over the course of the Christmas period, women say they will have a slightly higher average spend (£1,138) compared to men (£1,079) in total. Women are also expecting to spend more on average on their presents (£405) than men (£365).

Elsewhere Britons expect to spend around the same on food and drink this year (£154) as they were in 2020 (£156). The average spend on new clothes (£85) also remains virtually the same as 2020 (£86).

Why choose Creditfix?

  • Write off unsecured debts over £5,000
  • Stop interest and charges soaring
  • Reduced payments from £85 per month

Will people spend more than they can afford this Christmas?

Christmas might be one of the most magical times of year but let’s be honest it’s also one of the most expensive.

An average cost of £1,108 is proof of exactly that, so are people spending more than they can afford?

As well as giving an insight into how much cash Brits will splash this festive season, the YouGov research also shows that 14% of the population expect their debt to increase as a direct result of Christmas spending.

In a bid to make this Christmas as memorable as possible, a third of the public (37%) think they will probably spend more than they should – compared to 29% who said this last year

People already struggling financially are also expected to be affected with nearly two in five (38%) saying their debt will get worse over Christmas. A similar proportion say their debt will remain around the same (32%). One in ten (10%) do say their debt will likely decrease.

Half of Brits living with debt have admitted that they’ll spend more than they should over Christmas and a similar percentage (54%) admitted they will avoid paying at least some of their debts to help pay for their Christmas spending, compared to only 6% of the general population.

However, another 52% of people struggling with debt agree that they will ultimately struggle to have the Christmas they want as they will not be able to afford it.

How we helped Michael

Absolutely fantastic professional staff understanding and non judgmental Fantastic service quick too ! Would recommend to anyone!!"

Michael, Sunderland

Get help like Michael did

How are people paying for Christmas?

Covering the cost of Christmas is no mean feat – especially for those already in debt.

From gifts and Christmas dinner to party nights, December is one of the most expensive of the year.

So how are people paying?

Looking at present shopping specifically, one in five members of the public say they will use some form of credit or borrowing to fund their gift purchases, rising to two in five (44%) of those who are financially distressed, and half (51%) of Britons living with debt.

This includes 15% of Brits who plan to put Christmas presents on their credit cards. However, it is a more popular option among the financially distressed (22%) and over-indebted (15%). Just 5% of people say they will use instalment schemes to get their presents – higher among financially distressed people (12%) and those in debt (21%).

Four in ten people (42%) say they will dip into their existing savings to purchase presents, compared to only 26% of financially distressed people, and 17% of people who are struggling with debt.

Likewise, while another 31% of the public have saved up specifically to pay for gifts, fewer financially distressed people (24%) and Brits with debt (20%) have managed to do so

If you’re worried about your finances and need help with debt over, talk to Creditfix. Our experts provide tailored, non-judgemental, support to those in need.

Where can I get more advice on How much are people spending on Christmas 2021? and other debt solutions?

To discuss your options and get the support you need to deal with your debt today, contact us now on 0800 0431 431 or click the button to get started

Related articles

Changing COVID-19 rules: Can you afford to isolate?

 

Interest rate hike and what it means for your finances

 

What is the Debt Resolution Forum?

 

Register of Judgments, Orders and Fines

 

Income and expenditure form: What it is, and how it works