This year Christmas is set to be one of the most frugal ever, with nearly half of UK adults planning to cut their overall spend over the festive season according to fresh data.
Research from TopCashback found Brits will be spending on average £280 less than last year, equating around £13bn less being spent by consumers compared to Christmas 2022, as the cost of living crisis and surging inflation continues.
Among those reducing their spending, they also plan to do so by more than a quarter compared to 2022.
Overall, 26% have less than £300 in total to cover all of the costs associated with Christmas, from presents and decorations, to their Christmas tree, food, drink and travel.
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As a result, 54% of UK adults are worried about being able to afford Christmas this year, leading many to scale back on the festivities.
Of those planning to spend less, two fifths say they already feel like a failure as they can’t afford to celebrate how they would like to while a third believe that as a result, their Christmas won’t be as fun or as happy.
This is set to have an impact on a large proportion of children up and down the UK with over half of parents saying they already feel guilty about letting their kids down.
TopCashback UK director Adam Bullock said: “Christmas should be a joyous time of year to celebrate with friends and family. But it’s upsetting to see how many people are worrying about the cost right now and are planning to miss out on precious family time as a result.”
“There are simple changes that can be made to help keep costs down – whether that’s swapping turkey for roast chicken or setting a small budget for gifts. It pays to start thinking about Christmas savings earlier too, so whether you’re looking for discount codes, making use of cashback or using brand loyalty schemes; all these things soon add up and mean you can get more out of your celebrations this year.”
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