Brits spend to spend £76bn this Christmas splashing out on getaways and gifts

 
Rebecca Smith
Brits will spend an average of £341 on gifts this year
Brits will spend an average of £341 on gifts this year (Source: Getty)

Despite the gripes that Christmas seems to start earlier and earlier each year, the nation is still getting in the festive spirit, at least when it comes to shopping.

According to new research from American Express, Brits will spend on average £1,551 on everything from parties to presents, marking a £51 increase on last year.

All in all, that will be a bumper £76bn spent across the nation to celebrate Christmas.

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As for what the nation is shelling out the most on, festive getaways are proving increasingly popular, such as visits to Christmas markets outside the UK. The next biggest expense are gifts, with an average spend of £341, up £25 on last year.

But it's not all about splashing the cash. Brits estimate they save £60 on Christmas shopping thanks to saving their points or rewards for the festive season.

Here's what Brits spend most on at Christmas: Average cost
1. Christmas getaways outside the UK £457
2. Gifts £341
3. Christmas getaways in the UK £255
4. Hosting parties £90
5. Travel (to visit relatives, travel home) £88
6. Christmas gatherings outside the home £80
7. Christmas food shopping £75
8. New clothes £69
9. Festive experiences (e.g. pantomime tickets, ice skating) £60
10. Christmas decorations £36

Still, not everyone is prepping ahead. A quarter of the 2,004 adults surveyed said they had not yet thought about how they will spend this Christmas, whether it be taking advantage of early sales, or promotions to keep costs down.

Read more: Guess which Christmas sandwich we couldn't eat in this year's taste test

American Express also shared some tips for keeping on top of your finances over the festive period:

1. Plan presents – Nearly a third of people have a budget for Christmas but say they don’t always stick to it. Make a list of the number of presents you need to buy, so you can work out the right amount of money to set aside and spread the cost.

2. Book flights and hotels early – Holiday travel costs can grow if you don’t book in advance. Even a trip within the UK can be costly: Brits will be spending an average of £88 each travelling to visit their friends and family over the festive period. Check if you have rewards points to put towards a hotel room deal, and book your room and flights or train fares early to secure the best prices.

3. Check your offers Make sure you’re up to date on all the rewards and offers available to you, and check how many points you have on your credit, charge or store card.

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