Swindon & Wiltshire Business News

Average Christmas spend hits £727 – survey

 

The average Brit will spend £727 on Christmas presents and festivities this year, according to a survey by Swindon-based building society Nationwide.

That's nearly two weeks' pay when equated to the average weekly take-home pay of £455.

The society polled 2,000 customers as part of its regular analysis of household finances.

The biggest single expense is Christmas presents, with the average bill coming in at £363, although one in 10 of those polled will spend more than £800 on presents alone.

Children have the most lavished on them at Christmas, with an average spend of £67, with spouses and partners receiving first worth around £63. Mums (£40) fare better than dads (£33) and siblings (£31) and even pets have an average of £20 spent on them.

Other Christmas expenses include Christmas dinner (£37), decorations (£21), sweets (£26), alcohol (£38), a Christmas tree (£23) and Advent calendars (£15).

There are also a host of work-related expenses: Secret Santa for colleagues (£20), food (£23), drinks (£28), clothes (£27) and travel (£20) for the Christmas party, and £25 for additional work lunches or dinners.

But all that spending can lead to financial problems for many. One-in-five respondents said they struggled financially following last year's Christmas splurge, with one-in-ten starting the year deep into their overdraft.