Winter worries: research shows that Brits are planning to spend significantly less this Christmas
- 33% will be more careful about spending
- Top financial concern this Christmas is affording heating bills
- 22% won’t be able to spend as much as usual
- People to spend £522.20 this Christmas, down from £605.20 in 2021
New research from Go.Compare Money has revealed that people across the UK will be spending, on average, 14% less for Christmas 2022, compared with the previous year. The numbers show that the average person will be planning to spend £522.20 this Christmas, down from £602.05 in 2021.
The survey, which took place in November and asked more than 2000 people about their Christmas spending, found that a third (33%) of people think they will need to be careful with money this Christmas, a further 18% said this festive season would be very difficult financially, and 8% will be spending money they haven’t got.
The figures also revealed that almost 1 in 5 (19%) will be using a credit card to pay for some or all of Christmas, but a quarter (24%) said they’d been putting money aside throughout the year to pay for the festive celebrations.
According to the research, the average spend on gifts, socialising, travel and food will be £522.20, with those in the northeast planning to spend the most out of all the regions at £623.10, and those living in the south west spending the least at £432.10.
When asked about any concerns for this Christmas, 34% of people said they were worried about being able to heat the home – which was more of a concern than making mortgage payments or the worry that children will be disappointed with their presents.
Matt Sanders from GoCompare Money said on the new research: “Christmas can be a lovely time of the year, but it also comes with a lot of pressure for some. It’s really worrying to see how many people seem to be anxious about money and may struggle to make ends meet. It’s also concerning that a significant number of people will be using a credit card to pay for some or all of their Christmas costs.
“With this being the first real “open” Christmas since the COVID-19 pandemic, people are obviously in need of a good celebration with families and friends, so it may be tempting to go all out, but there are ways you can save on costs and ease the financial burden. There are still deals to be had and ways to save on your bills. And if you can, set a budget and stick to it. It will stop you making impulse purchases that you may then have to pay for in the New Year.”
Go.Compare has compiled a practical guide to saving money on a number of outgoings and everyday costs, which can be found here - https://www.gocompare.com/savings/money-saving-tips/.
Notes to editors
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Notes to editors
*1On 4-7th November 2022, an online survey of 2,077 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.
**1On 5-9th November 2021 an online survey of 2,009 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain.
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
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