Christmas spending to exceed £21bn

30/11/2011

The amount spent on Christmas is set to top £21 billion, with the average Briton spending £437 on shopping.

A survey, conducted by MoneySupermarket Shopping, questioned more than 2,000 British adults and found spending looks like it will be highest amongst 35-54 year olds, at £498 per person. For the younger generation – aged between 18 and 34 – the spend falls to £387 whilst the over 55s are set to spend £418 per person.

For those planning on spending this Christmas, 72 per cent are expecting to spend most of their budget on present, with parents likely to spend £134 on each child.

Northern Ireland appears to be the most generous area – with an average spend of £525 per person, whilst shoppers in the East of England and the South East expect to spend the least – an average of £393.

The financial climate has affected many individuals’ Christmas plans, with 72 per cent of parents very cautious about what they’re spending and 48 per cent feeling under pressure to spend more than they can afford on their children.

Simon James, shopping expert at moneysupermarket.com, said: “Christmas shopping is a significant area of expenditure for parents in particular. However, there are a number of ways shoppers can keep costs down. Use the internet to research gifts and use a comparison site like MoneySupermarket Shopping to compare prices and save money.

“The cost of items can be up to 54 per cent cheaper online. With money tight for many there has never been a better time to look out for sales and bargains and do all you can to make sure you get the best deal on every purchase.”

Tags; Current UK Economy, Income Worries and Debt, Young Family Finances,