Four in 10 are planning to ‘downsize’ their Christmas celebrations this year
- 4 months ago
Four in 10 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 per cent are cutting their budgets this year, but don’t want to compromise on too much.
To do so, 16 per cent of parents are not getting gifts for each other so they can spend more on the kids, and 24 per cent are putting a stop to buying presents for people outside of their immediate family.
While 18 per cent won’t be sending Christmas cards, and 20 per cent 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.
When it comes to the big meal, one in 10 will be buying a smaller turkey and eight per cent will be opting for a cheaper alternative.
While 12 per cent will even forego the crackers when it comes to the big meal on December 25th.
On the other hand, 23 per cent absolutely refuse to compromise the quality of their Christmas dinner – and a further 21 per cent 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 per cent are worried about affording the cost of the season this year, at least to some degree.
With eight in 10 (81 per cent) saying it doesn’t matter what their festive budget is, as long as they’re with their loved ones.
However, more than a third (35 per cent) admit to finding it hard to cut back on their Christmas spending.
In a typical year, adults who celebrate 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 per cent.
Just over six in 10 (61 per cent) also believe they’ll have to dip into savings to pay for Christmas this year.
Although a third (33 per cent) confess they’re actually looking forward to a more scaled-down celebration, according to the OnePoll.com figures.
Looking into the new year, 66 per cent are feeling hopeful for the year ahead.
A poll of 2,000 adults, who celebrate Yuletide, found 51 per cent are cutting their budgets this year, but don’t want to compromise on too much.
To do so, 16 per cent of parents are not getting gifts for each other so they can spend more on the kids, and 24 per cent are putting a stop to buying presents for people outside of their immediate family.
While 18 per cent won’t be sending Christmas cards, and 20 per cent 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.
When it comes to the big meal, one in 10 will be buying a smaller turkey and eight per cent will be opting for a cheaper alternative.
While 12 per cent will even forego the crackers when it comes to the big meal on December 25th.
On the other hand, 23 per cent absolutely refuse to compromise the quality of their Christmas dinner – and a further 21 per cent 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 per cent are worried about affording the cost of the season this year, at least to some degree.
With eight in 10 (81 per cent) saying it doesn’t matter what their festive budget is, as long as they’re with their loved ones.
However, more than a third (35 per cent) admit to finding it hard to cut back on their Christmas spending.
In a typical year, adults who celebrate 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 per cent.
Just over six in 10 (61 per cent) also believe they’ll have to dip into savings to pay for Christmas this year.
Although a third (33 per cent) confess they’re actually looking forward to a more scaled-down celebration, according to the OnePoll.com figures.
Looking into the new year, 66 per cent are feeling hopeful for the year ahead.