Christmas 2023 is set to be one of the most frugal ever, with nearly half of UK adults (45 per cent) planning to cut their overall spend, a recent report has stated, forecasting a reduction of about £280 less than last year, equating to around £13 billion.
According to UK’s leading cashback site TopCashback, for many households, the cost of living crisis is having even more of an impact than it was 12 months ago. Among those reducing their spending, they plan to do so by more than a quarter (26 per cent) compared to 2022. Overall, 26 per cent have less than £300 in total to cover all of the costs associated with Christmas, from presents and decorations, to their Christmas tree, food, drink and travel.
The report adds that over half of UK adults (54 per cent) are worried about being able to afford Christmas this year, leading many to scale back on the festivities. Of those planning to spend less, two fifths (41 per cent) say they “already feel like a failure as they can’t afford to celebrate how they would like to”.
Furthermore, a third (34 per cent) believe that as a result, their Christmas won’t be as fun or as happy. More than half (52 per cent) of parents say they already feel guilty about letting their kids down this Christmas.
As budgets get tighter, a quarter (26 per cent) of people are planning to avoid having friends or family around in order to save on hosting costs. And nearly a fifth (18 per cent) say they are not planning to travel to see friends or family to save on travel costs.
Many are also already concerned about their energy bills this Christmas and will be taking steps to save money on them. Nearly a fifth (19 per cent) will use an air fryer to cook some or all of their Christmas meal, while almost a sixth (15 per cent) won’t put any Christmas lights up to keep costs down.
Commenting on the research Adam Bullock, UK Director at TopCashback, said, “Christmas should be a joyous time of year to celebrate with friends and family. But it’s upsetting to see how many people are worrying about the cost right now and are planning to miss out on precious family time as a result. There are simple changes that can be made to help keep costs down – whether that’s swapping turkey for roast chicken or setting a small budget for gifts. It pays to start thinking about Christmas savings earlier too, so whether you’re looking for discount codes, making use of cashback or using brand loyalty schemes; all these things soon add up and mean you can get more out of your celebrations this year.”