UK Wedding News
08/12/2017
A new survey has revealed that 2017 is set to be another expensive Christmas when it comes to buying presents.
The research, conducted by Barclays, found that parents will spend an average of £128.80 on presents – per child – this festive period, bringing the total amount parents in Britain will spend on Christmas presents this year to around £141.7m.
Some 1,000 British parents took part in the study, which showed that the financial burden could, in part, down to poor financial planning. For example, 29% of parents said they leave their Christmas shopping to the last minute.
A further 20% admitted that they do not save any money for Christmas, compared to a third of parents to start saving for the holiday between July and September.
One in three said they will dip into their savings and overdrafts in order to buy presents.
Despite these statistics, parents said that they would be happy to spend up to 30% more on 'sold out' gifts that their children wanted through reseller sites. One in said they would be prepared to spend as much as 80% more on RRP.
Looking beyond the Christmas period, some 46% of respondents said that they would be reverting to some extreme measures in order to cut back on spending after Christmas – such as skipping meals, saying no to school trips, and cancelling holidays.
Commenting on the findings, Clare Francis, Savings and Investments Director at Barclays, said: "Christmas is a magical time of the year for children and parents understandably want to make it as memorable as possible.
"However, spending more than you can afford can lead to serious problems down the line, and it's something we – as a nation – need to get out of the habit of.
"Too many of us are being moved into action by social pressures to spend huge sums of money on Christmas presents. If that sounds like you, decide to do it differently next year."
(JP/LM)
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Parents Spend More On Christmas Presents
A new survey has revealed that 2017 is set to be another expensive Christmas when it comes to buying presents.
The research, conducted by Barclays, found that parents will spend an average of £128.80 on presents – per child – this festive period, bringing the total amount parents in Britain will spend on Christmas presents this year to around £141.7m.
Some 1,000 British parents took part in the study, which showed that the financial burden could, in part, down to poor financial planning. For example, 29% of parents said they leave their Christmas shopping to the last minute.
A further 20% admitted that they do not save any money for Christmas, compared to a third of parents to start saving for the holiday between July and September.
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One in three said they will dip into their savings and overdrafts in order to buy presents.
Despite these statistics, parents said that they would be happy to spend up to 30% more on 'sold out' gifts that their children wanted through reseller sites. One in said they would be prepared to spend as much as 80% more on RRP.
Looking beyond the Christmas period, some 46% of respondents said that they would be reverting to some extreme measures in order to cut back on spending after Christmas – such as skipping meals, saying no to school trips, and cancelling holidays.
Commenting on the findings, Clare Francis, Savings and Investments Director at Barclays, said: "Christmas is a magical time of the year for children and parents understandably want to make it as memorable as possible.
"However, spending more than you can afford can lead to serious problems down the line, and it's something we – as a nation – need to get out of the habit of.
"Too many of us are being moved into action by social pressures to spend huge sums of money on Christmas presents. If that sounds like you, decide to do it differently next year."
(JP/LM)
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Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
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Susanna Reid's Mother's Day Plans
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