Most families are intended to maintain or increase spending on Christmas day meal despite having smaller budgets due to the cost of living crisis, stated a recent report, adding that almost half Britons are planning to spend less on decorations.
Asda’s latest Mindset survey found that 92 per cent of shoppers plan to spend the same or more on their children this year despite having smaller budgets due to the cost of living crisis. Families are also prioritising the traditional Christmas Day lunch, with 90 per cent saying they intended to maintain or increase spending.
However, families are planning to make cuts elsewhere to make their festive budgets stretch further with over half (54 per cent) planning to spend less on Christmas decorations. Other saving opportunities include spending less on presents for extended family members and friends compared to previous years.
The latest Asda Income Tracker, which monitors household disposable income, shows the average UK household was £142 worse off compared to last October. The fall in disposable income is primarily due to a steep rise in energy costs which have risen by almost 90 per cent year-on-year.
After paying tax and essential bills in October, the average household had £203 per week left – the lowest amount since August 2018.
“Asda is doing all it can to help families enjoy the festivities and has increased the size of its Christmas range to more than 700 products at all price points to suit different customer budgets,” the supermarket stated.
“The supermarket has also boosted its online delivery capacity this year and will have more than one million home delivery and click & collect slots available the week before Christmas, including deliveries on Christmas Eve for the first time.”
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