With Christmas just weeks away our latest survey has found that a staggering 42% of shoppers are cutting spending during the festive season. Several respondents blamed rising costs, especially food prices for their cut in spending, while many are looking to sales such as Black Friday and Cyber Monday to save money.
The survey looked into the spending habits of Brits at Christmas and how it differed from previous years. 2,300 UK residents took the survey and were asked, “How has your Christmas spending changed this year?” 55% said that their Christmas spending hadn’t changed much since last year, while 42% said that they were trying to save money.
Here are the results of the study:
How has your Christmas spending changed this year?
- It hasn’t – 55%
- I’m trying to save money wherever I can – 28%
- I’m waiting for the sales – 8%
- I’m buying less to offset price increases – 6%
- I haven’t thought about Christmas shopping – 2%
- I’m increasing my spending – 1%
Those who answered that they were trying to save money were asked why, with the majority stating that they were buying less to offset price increases or were waiting for the sales in a bid to save some pounds, while others said that they were cutting down because of uncertainty with regard to their job security and wages.
In a bid to find out how people were paying for Christmas we asked our survey participants, “How are you paying for Christmas this year?” Worryingly, 30% admitted to using their credit cards, 10% said that they would be dipping into an overdraft and 3% stated that they would be borrowing money from friends or family.
How are you paying for Christmas this year?
- My pay check – 56%
- Credit Cards – 30%
- An overdraft – 10%
- Borrowing from friends or family – 3%
- Looking at getting a loan – 1%
Our very own Chris Reilly had this to say out the results:
“Christmas is an expensive time of year especially for young families, so it makes sense that a large proportion of society are trying to spend less. There are many ways of saving money at this time of year, from buying early to taking advantage of store sales and vouchers.”
“Worryingly from the results of the study it still looks like many people will go into debt during the festive period, this obviously isn’t ideal and puts the pressure on in January as they look to pay off their debts. On the other hand it seems like we are starting to see a shift in society as people realise that they don’t have to spend a fortune to have a great Christmas.”