Two thirds plan to spend the extra money on food and drinks (Image: Getty)
One in five Christmas enthusiasts are planning to increase their festive budgets this year, intending to spend 30% more than they did last year.
A survey of 2,000 adults revealed that 47% are keen to spoil their family and friends, while 40% simply want to make this Christmas extra special.
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For 72%, the additional money will be spent on gifts, and 66% plan to spend more on food and drink. A third of Brits will be splurging on hosting the perfect Christmas gatherings.
On average, the budget for 2024’s festivities is over £650 this year, with 76% planning to spend the same or more than they did in 2023.
To help stretch their budgets further, 45% plan to use loyalty points and rewards when purchasing gifts and food. A quarter have also managed to spread the cost by buying items throughout the year.
Paul Stokes, from M&S Credit Card, which commissioned the research, said: “Christmas has been a challenging time for many over recent years, with many families having to tighten their belts.”
“While those challenges haven’t disappeared entirely, it’s encouraging to see that many people feel in a better position this year to maintain or even increase their festive budgets.”
“Savvy financial planning plays a big role whether it’s carefully saving throughout the year or using loyalty points to stretch spending power.”
Brits will be using the extra money from loyalty and rewards schemes (Image: Getty)
“This Christmas, households are finding ways to enjoy the season and make it special without overextending themselves. We hope our credit card customers enjoy using their M&S Rewards vouchers to treat themselves and others,” Paul added.
Those who have been collecting points throughout the year now have an average of £104 to spend this festive season. And a savvy third who started shopping early believe it gives them chance to grab the best deals.
With thart said, Brits are not only becoming more astute in spending; 46% anticipate having all their gift shopping done two to three weeks before Christmas.
For 62% of those who prefer to get their shopping done well in advance, it helps alleviate stress leading up to the big day. Over half simply enjoy having more free time in December to revel in the holiday season.
Paul Stokes further commented: “The best Christmases often come down to proper planning, and the research highlights how important it is to approach the season with a clear strategy.”
“Creating a budget for your money is only part of the picture it’s also about getting ahead with gift and food shopping to avoid last-minute stress.”
“By starting early and staying organised, families can not only enjoy a smoother lead-up to Christmas but can also make their budgets go further, helping to make the season that little bit more special.”