3 December 2015

Thrifty Brits expect to spend less this Christmas...and one in five hate Christmas

Don't expect too much in your stocking this Christmas as thrifty Brits rein in their spending habits in the lead up to this festive season.

New research conducted by TSB found more than half of Brits (56%) are setting a festive budget, with one in five (21%) hoping to spend less during the holiday period than last year.

TSB's Head of Current Accounts, Andy Piggott said: "It is great to see that people will be setting a budget this Christmas.  At this time of year, things can quickly add up and when you do some simple maths, the cost of presents, Christmas dinner, travel and drinks with friends can quickly equate to a hefty sum.

While doing a little extra planning and saving in the lead up to Christmas can help to alleviate some of the shock, it is also important that people are realistic about their budget and are able to stick to it."

When it comes to the festive spirit of giving, it seems many people will be cutting down on the cost of presents. Whilst the average Brit intends to spend £270 on Christmas gifts for family and friends, TSB found that a quarter of people (23%) intend to spend less than £100.  People from the North West tend to spend more on gifts at Christmas with an average of £315, while those from East Anglia are a little more thrifty, spending an average of £233 on Christmas gifts.

However, some Brits might find it's not just cheaper presents under the tree this year, but even second-hand gifts.  Over a third (35%) of Brits admitted to re-gifting an unwanted present, with women twice as likely to re-gift than their male counterparts (46% women, 24% men).  But when it does come to buying presents, women on average spend more (£290) than men (£250).  Luckily, the cost of presents isn't the be all and end all, seven in 20 (35%) people said that really, "it's the thought that counts".

Bargain-hunting Brits also revealed that more than half (55%) of the population will spend less than £50 on Christmas lunch  however,  the North East splurge the most, with one in 20 (6%) shelling out more than £200 on their turkey and trimmings.

And the Bah Humbug continues as even though most people (80%) said they love or like Christmas, one in five (18%) of people admitted to not liking or hating Christmas, and just under a third (29%) of people feel 'relieved' when Christmas is over.


Notes to editors

This survey was conducted by OnePoll between 10 November and 13 November 2015. The sample was 2,000 UK adults who celebrate Christmas.

TSB was created to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.6 million customers, award winning mobile and digital banking, nationwide network of branches and 8,500 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk .