Yahoo Finance Brits to spend £2.5bn replacing salvageable household items over Christmas period
Brits are expected to spend £2.5bn ($3.3bn) scrapping and replacing household goods over the Christmas period, as discounts drive Brits to buy more.
Nearly three in 10 (29%) Brits will make purchases in the Christmas sales to replace home items that could easily be “saved,” according to a survey by descaling solution Oust.
This is despite the fact that 43% are in debt — with one in 10 (11%) still having a debts from Christmas 2019. Meanwhile, a third are struggling to afford Christmas and 29% are anxious about costs over the festive period.
The study found that 14% of Brits “feel pressure” to spend money at this time of year, despite their financial situation.
READ MORE: Cancelled Christmas parties 'to save UK workers £4bn’
Overall, British households are expected to rack up debts worth a combined £6bn over the next year due to the COVID-19 pandemic, separate research shows.
Brits are set to be scrapping and replacing a wide range of household items, with clothing (55%) topping the list, followed by large and small domestic appliances (51%), toys (38%), and kitchen sets (31%).
A quarter of Brits admitted deals and discounts are their main motivation for buying new household items, with the same amount replacing items they don’t know how to repair.
With the coronavirus crisis plugging the country into a recession and causing huge spikes in unemployment, a third of Brits said their finances have been negatively impacted during the pandemic and 43% claim this has led them into debt.
READ MORE: The 10 items that could make you over £5,000 before Christmas
As a result, Oust has launched its “We Can Save it” initiative, which aims to help Brits save money this winter during the pandemic.
“Whether it’s taking better care of household items to increase their lifespan or turning the heating down a notch or two, simple changes at home can go a long way to help reduce costs and waste,” said Oust.
Watch: Putting off minor home repairs or upgrades during the pandemic, we found an affordable fix
