Brits are seeking out more expensive gifts this Christmas (Image: SWNS)
The festive season has Brits poised to spend an extra £2.2 billion on party essentials like food, decorations, and fun trivia games, as unveiled by fresh research.
Over a third are planning to spend more on physical gifts, with an average of £479 being spent per person. Meanwhile, many are prioritizing small luxuries and a third are seeking out bigger and better presents for loved ones to bring some extra magic to the festivities.
Don’t miss…
The research, which polled 2,000 adults, highlighted that 47% intending to enjoy Christmas more than ever before following a ‘miserable’ 2024.
It also discovered the specific areas households are splashing out more. According to the survey, spending on family outings has increased by an average of £14 per trip, while an additional £10 is being spent on snacks and £6 more on luxury items for Christmas dinner.
Commissioned by Virgin Money as a segment of its Autumn Customer Spend Trends report, findings include an uptick in overall customer spend compared to previous years – with over £27 million already funnelled towards lifestyle pursuits, including dining out and entertainmend.
What are Brits spending their money on? (Image: Virgin Money)
Andrew Carter, Head of Personal Banking at Virgin Money, said the results show eperitental gifts like theatre and concert tickets or increasing. Although he adds:“Wherever people are spending their money, it seems as though a little extra here and there is being spent to elevate elements of the festivities this year.”
There’s still a debate between respondents on whether experience gifts are more meaningful than traditional gifts. The study shows others are focusing on thoughtful, personalized gifts to show loved ones they care.
According to the poll Brits are also becoming more strategic with their festive spending to help it go further with, around a third hunting for discounts and sales to stretch their budgets further. An equal number are sticking to strict budgets to avoid overspending.
Carter added: “We always want to get more for our money and the research has shown that people want to find the best deals to help their budget go further. And gifts that have more meaning seem to be taking centre stage this Christmas.”