Despite Christmas cutbacks for lots of families, the average spend for the festive period will still be more than £700 per person, new research reveals.
According to The Green Insurer, more than one in four (26%) people plan to spend less on Christmas compared to last year taking into account all aspects of festive spending including food, travel and presents.
Just one in seven shoppers said they expected their spending to increase.
But the average spend per person is estimated at £716.
Around 10% of people questioned are planning on spending £1,500 or more on the festive season.
Christmas spending
People are expecting to concentrate savings on the cost of gifts for their partners. Around 22% questioned say they will spend less this year on a gift for their partner.
Around 60% of those planning to cut back on spending on their partner are women compared with 40% of men.
The reduced spending on partners will be significant with nearly one in three (31%) planning to cut spending by 25% or more on their partner’s gift.
The research found that the overwhelming reason for reducing spending this year is the cost of living crisis. Around 79% reducing spending blamed the squeeze on living standards although 4% said they weren’t getting on with family and friends.
It’s not just money saving that people are looking at this year – around 15% say they are considering saving time on picking presents by relying on online Artificial Intelligence services such as Google’s to suggest present ideas.
