This year, one in five Christmas enthusiasts are planning to increase their festive budgets and spend an average of 30% more than they did last year. A study of 2,000 adults who celebrate Christmas found that 47% of those planning to spend more want to treat their family and friends, while 40% simply want to make this Christmas extra special. The extra money will primarily go towards presents for 72% of respondents, food and drink for 66%, and hosting Christmas get-togethers for 31%. The average budget for 2024’s festivities is over £650 this year, with 76% of respondents planning to spend the same or more than they did in 2023. To stretch their budgets even further, 45% of respondents plan to redeem loyalty points and rewards when buying gifts and food, and 26% have spread the cost by buying throughout the year.
Paul Stokes from M&S Credit Card, which commissioned the research, emphasized the importance of savvy financial planning in ensuring families can enjoy the festive season without overextending themselves. The study also revealed that those who use loyalty points and rewards this year will redeem an average of £104, allowing them to get more from their money at Christmas. Additionally, 46% of respondents expect to have all their gift shopping sorted two to three weeks before Christmas, with 65% preferring to get their shopping done early. Starting early helps reduce stress in the build-up to the big day for 62% of respondents and gives them more time to enjoy the festive season for 52%. Moreover, 31% believe that getting started early allows them to snag the best deals.
Paul Stokes emphasized the importance of proper planning for a successful Christmas, stressing the need to create a budget for both money and time. By starting early and staying organized, families can enjoy a smoother lead-up to Christmas, make their budgets go further, and make the season more special. Consumer reporter Sam Walker also shared tips on saving money on Christmas shopping, such as limiting the number of presents by organizing a Secret Santa, planning ahead by buying Christmas presents in the January sales, shopping around for the best deals using price comparison sites, buying in Boxing Day sales for early discounts, and shopping via outlet stores for discounted products with minor wear and tear.
In conclusion, this year’s festive season is expected to see increased spending by Christmas enthusiasts who are eager to make the holiday special for their loved ones. With proper financial planning, including utilizing loyalty points and rewards, early gift shopping, and budgeting, families can enjoy a stress-free lead-up to Christmas and make the most of their festive budgets. By being savvy with their shopping habits, such as participating in Secret Santa, buying in sales, and shopping at outlet stores, consumers can save money and make the most of their holiday spending. Overall, the research highlights the importance of planning and smart spending to ensure a joyful and affordable Christmas celebration.
