The average Brit will spend more than £725 on Christmas gifts this year, according to Money.co.uk.
The price comparison site analysed data from more than 2,000 people, and found that Brits forked out more for their children’s presents than for anyone else.
Experts at Money.co.uk have compiled a full breakdown of Christmas costs, based on an average person earning £28,000 a year. Here’s how much they spend:
- Children (under 16) – £129.79
- Partner – £120.51
- Children (over 16) – £105.99
- Mum – £63.51
- Dad – £51.81
- Siblings – £47.46
- Grandparents – £40.05
- Father-in-Law – £40
- Step Mum – £38.86
- Mother-in-Law – £38.25
- Step Dad – £35.95
- Friends – £32.73
- Extended family – £29.17
- Pets – £27.34
- Colleagues – £20.34
Money.co.uk said that while children may receive the largest total spend on average, that amount differs drastically depending on where in the UK you live.
Parents in Belfast, for example, spend 70 per cent more (£228.62) that those in Plymouth (£67.73).
Across the UK, those living in Plymouth also spend the least on their partner’s gifts too (£90.85), £15.14 less than the UK average.
The data also revealed Brits do in fact have a favourite parent, with people on average spending £63.51 on their mums, 18 per cent more than they spend on their dad (£51.81).
Almost half (47 per cent) of Brits revealed in the survey they do not financially prepare for Christmas throughout the year, and one in five (21 per cent) admitting they’ll get into debt to pay for this year’s festivities, according to Money.co.uk.
Salman Haqqi, personal finance expert at Money.co.uk said: “Christmas is a really expensive time for families across the UK. With high expectations to meet and costs mounting up, it’s easy to fall into debt. Budgeting is the best way to ensure you avoid unmanageable debts and take control of your finances.
“To avoid paying interest on any credit card purchases you make this Christmas, try to budget to pay off the card in full, or take advantage of 0% purchase. To make the debt more manageable, you could opt for a 0% balance transfer card.
“Our Gifting Index calculator allows users to compare their gift spending with the rest of the UK, and encourages people to plan ahead with a personalised 2020 gifting budget too.”