Yahoo Finance Brits to spend £346 on Christmas gifts in 2020
UK shoppers are planning to spend an average of £346 ($459) on Christmas gifts this year, according to new consumer spending data from American Express (AXP).
This is 11% more than a year ago, with Brits spending £312 on Christmas presents in 2019.
Brits are planning on spending an average of £118 on new clothes to wear on the big day, compared to £112 last year, the survey of 2,000 UK adults found.
People are expecting to spend £100 on food for the Christmas day meal — just under last year’s £102 — while the average spend on festive decorations will be £81, compared to £75 in 2019.
In total, Brits are budgeting an average of £645 for 2020 Christmas spending on presents, new clothes, food, and festive decorations, up from £601 last Christmas.
READ MORE: Seven ways to save money while getting ready for Christmas
Nearly two thirds (62%) of UK Christmas shoppers said that they are cutting back on festive spending this year due to the impact of the coronavirus pandemic, the research found.
Some 59% of shoppers said they have set a budget for Christmas this year, but 27% admitted they may not stick to it.
The main ways people will be paying for Christmas this year is through their monthly income, saving up in advance, and using a credit card, according to the research.
However, one in seven plan on using cashback, rewards or loyalty points to pay for Christmas expenses.
Due to spending more time at home as a result of England’s second COVID-19 lockdown, one in seven (15%) people will be getting into the Christmas spirit earlier this year by putting up their Christmas decorations before December.
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