Brits predicted to spend an extra £1,565 during the festive period

A typical UK household spends just over £2,500 in a monthThis figure is expected to rise by £1,565 during the Christmas month.Highest proportion of this additional expenditure is on socialising/ parties/ buying Christmas outfits (£355) followed by travelling/ Christmas breaks (£320) and gifts (£247).Half (49%) will use money they already have in their current account to pay for Christmas, while just over one in five (21%) will dip into savings pots to pay for the celebrations.Just over one in five (21%) will use credit cards.One in ten (10%) choose buy now, pay later options – and another (8%) are looking for their work Christmas bonus to tide them over the festive period.

According to the Bank of England, a typical UK household spends just over £2,500 a month, but new research from Aviva reveals that a typical Brit will spend an additional £1,565 on average during the festive period this year – 63% more than they would in a normal month.

The highest proportion of this extra spend on socialising/ parties/ buying Christmas outfits (£355); another £320 is paid out travelling to see friends and family or taking off for a Christmas break. Just under £250, on average, is spent on presents, and it’s expected £200 will be spent on the traditional Christmas tree and all the decorations around the home and garden.

The poll reveals that 49% of those surveyed will use money they already have in their current account to pay for Christmas this year, while just over one in five (21%) will dip into savings pots to pay for the celebrations, and a further 21% will use credit cards to see them through.

One in ten (10%) will use buy now, pay later to treat their loved ones and a lucky few (8%) say they are looking for their work Christmas bonus to fund the jovialities.

For the majority (74%) who claim to enjoy the festive period, food tops the charts as the most enjoyable aspect of Christmas, with 66% of this group picking this as a seasonal highlight. Spending time with friends and family comes a close second with 65% and over two in five (44%) enjoy decorating the house and Christmas tree. Entertainingly, 6% enjoy dressing up as Santa!

Of those who said they enjoy the festive period, they most like:

But Christmas is not everyone’s cup of tea. Just over one in six (17%) state that they do not enjoy the festive season. Almost half of them (49%) say it feels like ‘forced fun’ – this figure rises to 62% of over 55s in this category. Some say it’s just too expensive (44%), others worry about how they are going to pay for it (34%) and say it’s far too stressful and impacts their health and wellbeing (28%). One in five (20%) say they eat far too much and regret it later and a similar number (19%) simply don’t like socialising!

When it comes to receiving gifts, more than a third (36%) have asked for, or think they will receive, cash this Christmas. The largest proportion plan to:

Save it – short term (cash): 33%Spend it on here and now (games, clothes, nights out etc): 26%Save it for a bigger purchase – holiday, house, car, wedding: 20%Buy presents for other people: 17%Spend it on my children/ grand children: 16%Save it – long term (fixed term savings, premium bonds, ISAs): 16%