Savvy Christmas shoppers are looking to cut their spending budget by as much as half this festive season – by spending less per person, and reducing the number of people they buy gifts for, a study has found.
A survey of 2,772 Brits, who celebrate Christmas, revealed that more than one in three (35%) plan to spend less money on presents this year, as two-thirds are worried about the cost-of-living crisis.
Other top reasons for seeking to spend less include not wanting to get into debt (24%), trying to be thriftier (39%), and concerns over paying gas and electricity bills (42%).
And two in five (39%) would like their money to go further with presents this Christmas – as one in ten are worried their kids won't have enough presents this year.
In a bid to cut outgoings, more than half of respondents (56%) will spend less per person – reducing their overall budget from £485 to £259, on average.
And 35% won’t be buying gifts outside of their immediate family – such as for friends or work colleagues – while 15% will only buy presents for children in their family.
However, the research, commissioned by Oxfam, brings some comfort – as almost three-quarters (74%) of those polled say meaningful gifts, that don’t cost a lot, are the best.
Lorna Fallon, director of retail for the charity, said: “Giving presents shouldn’t be about how much you spend.
“This year, we hope people won’t feel pressurised into spending more they can afford – especially at a time where many people are worried about the cost of living.
“Bringing loved ones happiness on Christmas day does not need to be expensive, but it can be thoughtful.”
The study also revealed that 28% feel pressure to buy gifts at Christmas – with nearly a quarter (24%) relieved they have agreed with family and friends to cut back on giving this year.
However, 37% feel guilty when someone buys them a gift, and they don’t have anything to give them in return.
But the research also found that, when it comes to giving and receiving at Christmas, 43% said it’s the thought that counts.
More than one in ten (12%) have turned to buying second-hand gifts, with books, particularly fiction, revealed to be at the top of people’s charity shop wish list (23%).
It also emerged 27% will choose gifts that have a positive social impact, such as charity gift cards or donations to a good cause.
And 17% agreed some of the best presents they’ve ever received were ones that didn’t cost much at all.
Concerns over the environmental impact of Christmas, like plastic waste and emissions (47%), along with a desire to shop ethically (20%), are also driving shopping decisions – as 23% of respondents said they’ll buy second-hand gifts this year because it’s more environmentally friendly.
Conducted via OnePoll, the study also found one in five (21%) try to cut down their spending each year – but find it hard to do so.
However, 34% of those buying for others plan to spend less per person this year compared to last.
And the average number of people on a Christmas gift list has reduced by one person, from ten in 2021 to nine this year.
It also emerged that, regardless of household income, everyone is set to feel the squeeze this year – with three in ten scared this will be a difficult winter financially.
Four in ten shoppers (41%) with a household income of £20,001 to £25,000 want their money to stretch further – and a near-equal percentage (42%) of those with a household income of £60,001 to £70,000 feel the same.
Lorna Fallon added: “We’re finding more people are shopping for books this year, and Christmas shopping is well underway for unique gifts that won’t break the bank.
“Womenswear and menswear sales in our shops are also up, suggesting that customers are turning to charity shops to make their pound go as far as possible whilst supporting good causes.
“Browsing in a charity shop this year for just some of your presents will make your budget stretch further, as well as bring a smile to your family with one-off, more sustainable, thoughtful, and ethical gifts.
“For the friend or relative who has everything, or if you’re short on time or stuck for ideas, choose Oxfam Unwrapped gift cards.
“Funds raised from these cards support communities to make positive changes, by providing essentials like clean water and sanitation.”
TOP 10 REASONS BRITS ARE CUTTING SPENDING ON GIFTS THIS CHRISTMAS:
- The cost-of-living crisis
- Not being able to afford as much this year
- Just being careful as things get more expensive
- Worries about paying gas and electricity bills
- Trying to be thrifty with my spending
- Not wanting to get into debt
- Not feeling the need to spend money to enjoy Christmas
- Spent too much money last year
- Wanting to put more thought into gifts rather than spending lots on them
- Worries about interest rates on credit cards
TOP 10 WAYS BRITS WILL SPEND LESS ON CHRISTMAS GIFTS THIS YEAR:
- Reducing spend per person
- Only buying for immediate family
- Reducing spending circle (the total number of people to buy for)
- Purchasing fewer, more thoughtful presents
- Agreeing in advance with family to spend less
- Only buying for the children in the family
- Buying second-hand gifts that are high value but lower in price
- Buying barely-used or excellent condition second-hand books
- Giving more home-made presents
- Pooling together with friends and family to buy one gift for each family member
