UK consumers will buy on average £347 worth of Christmas gifts for their immediate family. The figure is down on last year’s HSBC Christmas Spending Survey, which revealed an average of £378 would be spent.
The decline in average consumer Christmas gift spend doesn’t apply to all of those taking part in the survey. About 20% of people said they would spend more this year compared to last year.
Younger generation has more disposable income
Younger people are more likely to spend an increased amount of money this year with the 18-24 age category recording 29%. HSBC suggests the figure is down to disposable income being on the rise among this generation.
The Welsh appear to be propping up the UK-wide average. They’re average spending on gifts amounts to £484, which goes against reports that parts of the country, such as the valleys, are the poorest in the UK.
There’s good news for voucher and cash back business. Of those consumers planning to spend money on gifts for immediate family, 71% will try to save cash by one means or another in order to get the best value for their money.
Third of people will use vouchers
Close to a third (31%) of those surveyed will use discount vouchers, whereas 29% are considering cashing in their retailer reward points. Interestingly it’s the women who’ll be prioritising the saving, compared to 25% of men will make no attempt at seeking value.
Online’s widely expected to be used for a great deal of present purchasing again this year. However, just 16% of those surveyed by HSBC will exclusively use online sources, which compares to 13% who’ll only use offline.
Amazingly there are some people out there who’ve already completed their Christmas shopping. According to this survey, 8% of respondents have and 1% did it all in last year’s January sale. 27% plan to do their shopping between December 1st and 11th, whereas 2% will wait until the week before (19th to 22nd).