How much do we spend at Christmas?

The bank of England estimate that a typical household will spend £2,000 each month.  With Christmas, this amount can increase quite considerably in December.  They estimate that an additional £500 could be spent during that month.

At a time when we meet up with family and friends more than we would in any other month a lot of this additional expenditure relates to eating out, food and drinking alcohol. Their research shows that compared to a typical month food purchases are up 20% and alcohol even more at 30%. It’s not all about partying though. The same research shows that book sales are up 80%.  I’m sure we would all like to think that we are getting more intelligent each year but in reality, it is probably that a book is the easiest last-minute gift.

Talking of gifts, the type of things we buy has changed considerably over time.  In 1980 the simple Rubik’s cube sold over 350 Million worldwide whilst in 2017 anything Star Wars related was to be found under many a Christmas tree.  Indeed, the advance of technology means that toys are not always the first choice of the youngsters in our families.  Mobile phones, tablets and portable music players proving as popular with the very young as well as the teenager.

How we buy all of these gifts has changed as well.  It is not unusual to see retail outlets offering sales in the run up to the festive period with tempting offers to get us through the doors to spend more.  This is not to mention online days such as Black Friday and Cyber Monday as more and more people move to the convenience of online shopping.

However, and whatever we spend as these statistics show I’m sure we will all ‘Eat, Drink and be Merry’ over the festive period!

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Source: https://edu.bankofengland.co.uk/knowledgebank/how-much-do-we-spend-at-christmas/

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