Christmas cuts continue but spending on presents is on the up.
New research reveals that almost two thirds (60%) of UK adults will be sticking to the same Christmas budget as last year, with nearly a third (29%) spending less.
According to The Co-operative Annual Christmas Spending Survey*, now in its third year, the average consumer will spend a total of £344 on Christmas this year.
John Hughes, Director of Retail Banking at The Co-operative Bank, said: "The results from the findings show that, for the second year running, people are planning to spend cautiously on their festive spending. Positively, people are increasingly looking to take more responsibility and control over their money in tough economic times and we’re pleased to see that a clear majority will be avoiding getting into debt over the festive period.
"Setting a budget for Christmas and then sticking to it, will allow people to enjoy the festive period, without beginning the new year with a financial hangover."
Kate Jones, Head of Product Development for The Co-operative Food, said: "It doesn’t matter how organised you try to be for Christmas, the odd thing always gets forgotten, and it’s usually at a crucial moment, like running out of kitchen foil when you’re just about to put the turkey in the oven, or spotting the ‘batteries not included’ label, when you’re in the middle of wrapping a present, or reaching for the tonic when preparing a gin & tonic."
"Luckily, with a store in every postal area, The Co-operative Food is on hand for these last-minute Christmas emergencies, and, with a fabulous range of great-value festive food and drink, we’re here with everything you need for Christmas."
*Survey conducted, on behalf of The Co-operative Group, by OnePoll, with a geographically representative sample of 2,000 respondents in October 2012.