NEW research from VoucherCodes.co.uk has revealed over half (54 per cent) of UK adults will be forced to cut back on their Christmas spending this year, with the average amount spent per adult decreasing from £240 last year to £213 this year.
The research found that the main reason people will be spending less this year on their Christmas shopping was simply because they have less money this year than last year (50 per cent), while a quarter (26 per cent) feel Christmas presents are just too expensive.
It seems it will be women being more frugal on their partners, with 28 per cent saying they will be spending less on their husbands/boyfriends, while just 19 per cent of men say they will be cutting back on their wives/girlfriends.
The shopping website discovered four out of 10 Brits (44 per cent) have previously purchased their Christmas gifts in the Boxing Day/January sales to save money and 30 per cent plan to do so this year.
The savvy shopping seems to be worth it, with the average shopper knocking 28 per cent off their total Christmas gift spending, with one in 10 (11 per cent) claiming that they can save up to 45 per cent.
Top reasons for shopping in the sales are:
- Because it is much cheaper (68 per cent)
- Because Christmas is too expensive (33 per cent)
- Because I will not see the people I am buying presents for until after Christmas Day so it saves money (22 per cent)
- Because I know they will not spend very much on me (10 per cent)
The majority (42 per cent) of the money-saving shoppers are buying gifts for friends, while a further one in three (37 per cent) are purchasing them for their children.
The trend seems to be catching on, with almost one in three (30 per cent) Brits predicting that they will purchase some of their presents for friends and family after Christmas Day this year to try and save money.
Duncan Jennings, co-founder of VoucherCodes.co.uk, said: “This year it’s not surprising that people are aiming to spend less on their Christmas shopping. It’s been a tough year financially for many families and people are looking to cut back where they can.
“Some are even going one step further and being more strategic with their Christmas shopping plans, hitting the Boxing Day sales to snap up bargain Christmas presents for family they are still yet to see.”