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In a new study from McCarthy & Stone looking at the nation’s typical Christmas spending habits, it has been revealed that on average we’ll be spending over £100 less on the festive season than we did in the 2019 and 2018.
In a UK-wide survey from the retirement housebuilder – which asked respondents how much they intend to spend this year on everything from gifts to food and decorations – the national average spend figure for 2020 has been revealed as £419.19. Which is almost £150 less than 2018 and 2019 where the average spends were £560 and £567 respectively.
Unsurprisingly, the main reason given for the reduced expense this year is the COVID-19 pandemic – with nearly half (47.7%) of respondents citing the financial issues caused by the Coronavirus as a key factor. Wider research for the study showed that uncertainty in the job markets, being on the furlough scheme and prioritising savings in these uncertain times are some of the specific pandemic-related reasons we have for our reduced Christmas expenditure
In addition, McCarthy & Stone’s data showed that 20% of us claim we will subsequently spend ‘less’ or ‘significantly less’ than we did last year. 10% are unsure if their spending habits will change and only 4% of us intended to spend more on Christmas this year.
While overall spend is set to be down this year, there were some interesting regional variations in the data. The people of Wales are set to be most generous this year with a spend of £460 – over £40 more than the average. Equally, households in Scotland and Northern England will spend more than average at £457 and £445 respectively. Those in the South West are expected to spend the least at £374.05 – which is £45 lower than the average.
On a city-wide level, Liverpool has been revealed to be the location where our biggest festive spenders will be this year, with a whopping average spend of £545.28.
The full results and findings of the study can be found here:
https://www.mccarthyandstone.co.uk/life-and-living/lifestyle/christmas-spending-2020/
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