Lifting the lid on Christmas spending

Posted on: 08 December 2009 by Mark O'haire

Financial expert Annie Shaw delivers tips on how to save cash this festive season.

It could be good news for the high street as research shows that despite harder times we plan to spend hundreds of pounds on presents, as well as food and drink this Christmas. Brits are set to fork out over £11 billion on gifts for loved ones – an average of £291.37 each, with a further tenth saying it’ll be more like £500.

Despite the recession, more than half of us say that we’ll spend the same on family and friends as we did in 2008…only a third say they’re cutting back.

Aside from handing over nearly £300 for gifts, the study from travel awards scheme Airmiles found that food and drink is costing us £119.23 each on average and we’re spending another £50+ on big items for the home, like furniture or electrical items.

However, most of us are being smart when it comes to splashing out, with 57% looking to get payback for what they pay for and collecting reward points.

In this video, financial expert Annie Shaw comments on the research and also delivers tips on how to cut down your Christmas spending.

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