Average spend on Christmas gifts declines

The average amount spent on Christmas gifts in the UK is expected to decline from 479 to 424 pounds, a fall of 11 percent compared to 2015.

According to a survey of over 5,000 people by Policy Expert, the average festive spend per person, including food and other trimmings, is 653 pounds, with 424 pounds spent in total on presents for family and friends, a drop in over 50 pounds since 2015, suggesting families are becoming “more frugal” this year.

The research notes that Brits spoil sons and daughters, with the average spend totting up to 131 pounds each, followed by spending on partners at 123 pounds, however, UK consumers are becoming less generous when it comes to parents and friends, spending 56 and 21 pounds on average respectively.

In order to budget for Christmas, two-thirds of respondents stated that they buy presents earlier in the year to spread the cost, with the research finding that a further 1 in 10 takes advantage of January sales to snap up a bargain. Over half, also revealed they managed the cost of Christmas by setting strict budgets for each person’s present.

However, even though gift-related spending is on the decline, millions of pounds are still being wasted as around 77 percent of people received a present they didn't want last year.