To a lot of people Christmas is the perfect opportunity to get together with family, friends and loved-ones, spend time with each other and share the act of gift giving. In 2013, we spent a total of £72.7 billion, and this Christmas, the figure is likely to increase to £88 billion.
Our seasonal infographic shows what the true cost of Christmas 2014 is expected to be.
Just over one-fifth of the total Christmas spend is used to buy food and drink for the holiday season, with an average of £161 being spent on the traditional Christmas dinner of turkey and ‘all the trimmings’. Travel over the season accounts for 8%, and the final 3% on festive decorations.
The graphic reveals more than half of the money we spend over Christmas (67%) to be on presents. Top gifts for children are games consoles, cuddly toys and the perennial favourite; board games. Perfume, handbags and jewellery prove ever-popular presents for ladies, and gents can expect techie gifts such as gaming consoles and tablets, along with watches and of course aftershave, in their stockings this year!
Although Christmas doesn’t always have to be expensive, it often is, and two out of five people claim they feel pressurised to spend more money than they can really afford over the Christmas period. Also, the fact that Christmas involves giving presents to everyone at the same time along with buying those little extras to put around the house, or on the dinner table, can make it hard to manage financially.
If you find yourself spending more on Christmas this year than intended, an option would be to consolidate your existing debts with a secured loan. A secured Christmas loan will allow you to spread the cost more evenly over a fixed period, and could reduce your monthly outgoings into one easy to manage affordable amount, ultimately saving you money throughout 2015.