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The cost of Christmas is skyrocketing

This year, six in ten people in the UK surveyed by YouGov said they would be spending less on Christmas than they usually would. However, how much less is less?

MoneyTransfers.com has taken a look into the different Christmas costs and multiple studies done into Christmas spending in the UK to find the true cost of Christmas in 2022, broken down by category.

 

Key findings

– The cost of a Christmas dinner from Aldi is actually more than £4 cheaper in 2022 compared to the same ingredients in 2021.

– Data suggests that UK households spend an average of £740 more in December due to Christmas spending.

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– 36% of people surveyed are planning to spend more on gifts this year than previous years, with the average gift spend being £388 in 2021.

Jonathan Merry, CEO of MoneyTransfers.com comments:

 

Perhaps the most surprising finding regarding Christmas spending in 2022 is the general lack of any impact on spending, in spite of the current economic uncertainty the UK – and indeed, the globe – is facing. 

In fact, it appears that many households are accepting their fate to need to spend a little more this year in light of rising costs, and have factored that into their Christmas planning.

Jonathan Merry, CEO of MoneyTransfers.com

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