The UK is expected to spend £25.6 billion this year on Christmas gifting, a 6% rise from last year’s figure of £24.2 billion according to annual research from the shopping comparison site, finder.com.

This is fuelled by the average Brit saying they will spend £548 each on gifts over the festive period. This is an increase of £72 from last year’s average of £476. 1 in 5 (21%) big spenders are looking to splash over £500.

Across the UK, 89% of people plan to buy or make presents over the Christmas period. However, this includes over two-thirds of the UK (69%) who are keen to save money on presents this year in a variety of ways.

The most popular method of cutting costs is to set a price limit with family and friends, with more than a quarter (28%) intending to do this.

Almost one in seven (17%) of Brits are already planning to buy their gifts early through Black Friday sales, utilising discounted offers and promotions ahead of the big day.

Noticeably, Brits are also looking to be more eco-conscious by ‘green gifting’ such as reusing old gift packaging e.g. wrapping paper and gift bags (14%) hand making their own gifts (10%) and regifting unwanted presents and freebies (8%)

Other popular saving methods include giving an inexpensive experience such as a picnic (9%), sticking to Secret Santa (9%) and buying discounted gifts during Boxing day sales (8%).

Younger generations are leading the way with cost-cutting measures with nearly 9 in 10 (87%) Gen Z planning to cut back and save on gifting. While only 41% of the Silent Generation are planning to cut back on gifting costs this year.

On average, men are planning to spend over £150 more than women on presents (£635 vs £472). Further results show over a third of men (35%) don’t plan to cut costs this Christmas compared to 27% of women.

Commenting on the findings, Reemul Balla, shopping expert at shopping comparison site finder.com, said:

“While there’s an increase in overall spending, interestingly fewer people across the country are actually planning to buy gifts this year. Considering energy and fuel prices are on the rise, this suggests many Brits are planning to tighten their purse strings to avoid a hard pinch. So while we’re all looking forward to the festive period, here are some simple tips to make the most of your Christmas without breaking the bank:

Agree a price limit on gifts with family and friends.
“This was the most popular Christmas money-saving hack over the past two years, according to our research. An easy idea that is likely to come as a relief to others when you suggest it.

Give an experience as a present
“A Christmas gift doesn’t need to be an item that you buy for someone. Why not think of something that would brighten someone’s day that doesn’t involve reaching deep into your wallet? It could be as simple as breakfast in bed, planning a nice walk or making something.

Christmas entertainment.
“If you want to broaden your TV show horizons this Christmas, make use of one-month free trials from the likes of Amazon Prime and hayu. Put the date in your diary before the trial ends to review or cancel it so you don’t default into a subscription you may not want.”

To see the further breakdowns of the research, visit here: https://www.finder.com/uk/shopping-deals#xmas-stats

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Methodology:
Finder commissioned Censuswide on 12 to 17 November 2021 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region

About finder.com/uk

finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.

Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.

finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia’s most visited personal finance website (Source: Experian Hitwise).

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For further press information
Matt Mckenna
Head of UK communications
M: +44 747 921 7816
T: +44 20 3828 1338
matt.mckenna@finder.com