One in five Christmas fanatics are planning to boost their festive budgets this year, intending to splurge 30% more than they did in 2023.
A survey of 2,000 adults revealed that 47% are keen to spoil their loved ones, while 40% simply aim to make this Christmas extra memorable.
For a whopping 72%, the additional cash will be spent on gifts, and 66% plan to up their expenditure on food and drink. While a third of Brits are set to splash out on hosting the perfect Christmas gatherings.
On average, the budget for 2024's celebrations is over £650 this year, with 76% planning to spend the same or more than they did in 2023.
To help stretch their budgets further, 45% intend to use loyalty points and rewards when purchasing presents and food. On average, those who have accumulated points throughout the year have £104 to redeem this Christmas
A quarter have also managed to spread the cost by shopping throughout the year and for those who started early they say they were more likely to snag the best deals.
Paul Stokes from M&S Credit Card, which commissioned the study, commented: "Christmas has been a challenging time for many over recent years, with many families having to tighten their belts.
"While those challenges haven't disappeared entirely, it's encouraging to see that many people feel in a better position this year to maintain or even increase their festive budgets. Savvy financial planning plays a big role whether it's carefully saving throughout the year or using loyalty points to stretch spending power."
In addition to being mindful of their spending, 46% of Brits expect to have all their gift shopping done two to three weeks before Christmas. Two thirds of those who have done their shopping ahead of time say it leads to a less stressful Christmas and allows them to have more time to enjoy the festive season.
Paul Stokes noted: "The best Christmases often come down to proper planning, and the research highlights how important it is to approach the season with a clear strategy."
"Creating a budget for your money is only part of the picture it's also about getting ahead with gift and food shopping to avoid last-minute stress."
"By starting early and staying organised, families can not only enjoy a smoother lead-up to Christmas but can also make their budgets go further, helping to make the season that little bit more special."
English (US) ·