The UK is planning to spend £26.9 billion on Christmas gifts this year, according to new research from personal finance comparison website finder.com
An average British adult will fork out £512.85 on gifts over the festive period. However, there will be a wide range of amounts spent – half (50%) are set to spend £250 or less.
However, three in five (60%) are planning to reduce spending on presents in a variety of ways. The most popular method is to set a price limit with family and friends, with two in five (39%) intending to do this.
Almost one in seven (15%) of Brits are giving experience gifts like picnics or massages to reduce costs, making this the second most common method. In third place is making gifts, with 13% of Brits saying they will do this to cut costs.
On average, men are planning to spend over £100 more than women on presents (£566.02 vs £463.29). It is likely that women are spending less on average because two thirds (67%) are planning to cut costs in some way. This is significantly more than the number of men (54%) that intend to reduce their spending on gifts.
Generation X are planning to spend the most on festive gifts, parting with £636 on average. At the other end of the scale is generation Z, who intend to spend £212.16 each.
Gen Z are also planning to be the most savvy with their money this Christmas, with over three quarters (77%) saying that they plan to cut costs on gifting. Only around a third (30%) of the silent generation (those born 1928-1945) are planning to reduce how much they spend on presents.