85% of respondents say they 'overspend' at Christmas
(PRWEB UK) 16 October 2015
It may only be October but, with just two paydays left until Christmas, thoughts are starting to turn to Christmas shopping. Consumer finance website Bobatoo.co.uk recently commissioned a survey asking 1,000 UK shoppers about their Christmas spending habits.
The survey results found that the majority of people in the UK (38%) plan to spend between £500 and £700 on Christmas presents in 2015.
Just 11% of respondents revealed they spend less than £300 on Christmas presents, and 22% say they spend in excess of £700. The remaining 29% spend between £300 and £500.
Who gets the most spent on them at Christmas?
Naturally, children fare better when it comes to receiving gifts – with 70% of people spending the most on children aged between 5 and 16.
That dwarfs the amount spent on partners and spouses, with only 16% saying they spend more than £200 on gifts for their significant other. The most popular budget for partners is a more conservative £100 - £150.
As well as gift buying, shoppers in the UK also dedicate a lot of money to other Christmas-related spending. This includes things like food and drink, decorations and even new outfits for the big day.
Excluding presents, 46% of respondents say they plan to spend between £200 and £300 this Christmas – with 10% saying they will spend over £400.
Sticking to a budget
Perhaps unsurprisingly, the survey revealed that the majority of people in the UK fail to stick to their Christmas spending budget. 46% admitted that they exceed their budget slightly, while 29% said they overspend ‘by a huge amount’.
Only 18% say they actually stick to their pre-planned spending budget, and the remaining 7% don’t even set themselves a budget.
In announcing the survey results, a spokesman for Bobatoo.co.uk said:
“It is clear that, despite the recent recession and periods of economic uncertainty, the UK public show no signs of slowing down when it comes to Christmas spending.
“There is a worrying trend showing many UK consumers overspending at Christmas, which can lead people turning to high interest credit loan agreements to cover the shortfall.”
See the full results of Bobatoo’s UK Christmas spending habits survey here: http://www.bobatoo.co.uk/blog/uk-christmas-spending-habits-survey-results/