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42% of shoppers admit they are cutting spending this Christmas

A recent survey by an online voucher codes website has found that shoppers are feeling the pinch this year as 42% admit that they are trying to save money wherever they can during the festive season. The main reasons for cutting back included job and wage insecurities because of the uncertainty of the Brexit vote and the weak pound pushing prices up, while some admitted that they were waiting for sales to grab last minute bargains.

The survey, which was commissioned by My Voucher Codes is part of a series of surveys based on the spending habits of Brits around the festive season. They surveyed 2,300 UK residents asking, “How has your Christmas spending changed this year?” The majority (55%) said that their spending had not changed, while a staggering 42% stated that they were tightening the purse strings this year.

The full results are below:

How has your Christmas spending changed this year?

  • It hasn’t – 55%
  • I’m trying to save money wherever I can – 28%
  • I’m waiting for the sales – 8%
  • I’m buying less to offset price increases – 6%
  • I haven’t thought about Christmas shopping – 2%
  • I’m increasing my spending – 1%

Those who were trying to save money were asked why, with the most popular answers being, we’re buying less to offset price increases, I’m waiting for the sales to save money and we’re spending less because of the ongoing uncertainty regarding job security and wages.

My Voucher Codes also looked at how people were paying for Christmas this year asking, “How are you paying for Christmas this year?” Worryingly 30% stated that they would be using their credit cards, 10% would by dipping into their overdraft and 3% admitted to borrowing from friends and family to buy Christmas gifts and food.

A full list of the results are below:

How are you paying for Christmas this year?

  • My pay check – 56%
  • Credit Cards – 30%
  • An overdraft – 10%
  • Borrowing from friends or family – 3%
  • Looking at getting a loan – 1%

Chris Reilly, General Manager of My Voucher Codes commented on the findings:

“Christmas is an expensive time of year especially for young families, so it makes sense that a large proportion of society are trying to send less. There are many ways of saving money at this time of year, from buying early to taking advantage of store sales and vouchers.”

He added:

“Worryingly from the results of the study it still looks like many people will go into debt during the festive period, this obviously isn’t ideal and puts the pressure on in January as they look to pay off their debts. On the other hand it seems like we are starting to see a shift in society as people realise that they don’t have to spend a fortune to have a great Christmas.”

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