In the UK, we are forecasted to spend £78.69 billion on Christmas this year, with the average family splashing out £1,149!
According to the Bank of England, in December alone households spend £500 more than the average month on presents, food, drink and socialising.
Presents are a big part of the Christmas budget, with the average Brit expected to spend £243.43 on gifts this year. Popular on the Christmas list are often tech gadgets and electronics such as mobiles, but the cost of a premium smartphone has increased dramatically in the last few years. According to technology analysts Gartner, average smartphone prices rose by 10.2% in 2015, 16.7% in 2016 and 6.7% this year.
It’s not just technology products that have become more expensive – prices in the online clothing, shoes and accessories market increased by 11.5% between November 2016 and 2017, research by WGSN Instock reveals.
Food and Drink
Overall food and soft drink prices have risen by 4.1% in the year to October. But we will have to fork out even more for our Christmas dinner this year. Prices of Brussel sprouts are up 8.4% compared to last year, with Christmas puddings seeing a 7.7% rise. This is perhaps making us shop savvier, with 43% of people planning to get their food shopping across several shops, rather than purchase everything from one place.
UK shoppers are estimated to spend a record £4.2bn on food and drink in the week leading up to Christmas!
Christmas shopping habits
Findings from the IGD reveal that 45% of people start their Christmas shopping earlier to spread the cost, up from 35% in 2016. With Black Friday becoming increasingly popular in the UK, shoppers are incentivised to start purchasing Christmas presents earlier to bag a bargain.
With more and more of us looking online for the best deals, the value of online shopping as nearly doubled in the last three years and now accounts for £1 for every £6 spent. In 2016, we spent £25 billion online at Christmas, with this figure expected to rise by 11.8% this year.
However you spend your Christmas, we hope you have a wonderful festive time and we look forward to catching up in 2018!