If you're worrying about the cost of Christmas, fear not – the average cost is set to be at its lowest since 2012, so hopefully, you'll be spending less than you have in years!
Research from VoucherCodes.co.uk and YouGov has found that respondents are taking a savvier approach to their festive celebrations this year, with the average household set to splurge £796.05 on key Christmas items such as food, gifts and decorations. Although this is still a hefty sum, it's down 3% from last year's average spend of £820.60 and marks the second consecutive annual reduction, and it's now the lowest seen since 2012's total of £768.04!
Much of the improvement is being driven by savings on food and drink, with expected expenditure on these items being 8.2% lower year-on-year (down from £173.60 in 2014 to £159.34 this year), which could be attributed to the rising popularity of discount supermarkets – or even a growing thirst to hunt out an even better bargain by using vouchers and discount codes.
However, respondents are also looking to make big cost savings on cards and decorations, expecting to spend 5.3% less than last year (£41.11 compared with £43.30). Gifts remain the biggest and most consistent outlay with the typical household expecting to spend £595.60 on gifts for loved ones, but this is still a 1.3% drop on last year (down from £603.60), which shows that people really are becoming more budget-conscious.
The question is, just how are people managing to make these kinds of cost savings? It seems that there are several methods, with a few of them being:
"With Christmas fast approaching, it's interesting to see that the nation is set to be a little savvier with their festive spending this year, with households across the UK planning to spend less on seasonal essentials," said Claire Davenport of VoucherCodes.co.uk. It's encouraging that these savvier habits are having a positive impact on the UK's bank balances and financial wellbeing, as less people are worried about the cost of Christmas this year and are feeling more optimistic about their finances in general."
So, will you be able to cut the cost of Christmas? Hopefully you'll find that it's slightly less stressful than last year, and if you bear in mind the above practices – shopping around, taking advantage of discount days, and ideally using a festive savings pot – you could find that you have a very merry Christmas with a slightly lower price tag.
Check out our dedicated voucher section to find even more ways to cut the cost
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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