According to new research, one in ten consumers will put the whole cost of Christmas on their credit card.

The research by GoCompare Money, has found that the average British household expects to spend £719 on Christmas festivities this year. Collectively, the Nation will splash out £19.5 billion on gifts, food and drink, parties and Christmas decorations.

Presents for friends and families top the list of Christmas expenditure with an anticipated average cost of £365 per household, while a third expect to shell-out over £400.

Feasting will account for around a quarter of household’s Christmas spending, with the average bill for food and drink coming to £172. Other seasonal costs include an average spend of £106 getting ready for and attending Christmas parties and, £76 on buying a Christmas tree and festive decorations and, on tickets for a panto and other seasonal experiences.

Anticipated Christmas spending  

Christmas related outlay 

Average per household 

Collective spend 

Presents for family and friends  

£365 

£9.9bn 

Festive food and drink including supermarket shopping, turkey and all the trimmings 

£172 

£4.7bn 

Christmas socialising including party tickets, meals, new clothing, accommodation and transport costs 

£106 

£2.9bn 

Christmas tree and decorations, tickets to the panto and other Christmas themed experiences 

£76 

£2.1bn 

The research also looked at how households fund their Christmas spending.  Over half (54%) of those surveyed will foot the bill for the festivities from their income; 28% have put money aside throughout the year to cover the cost of Christmas.  10% of households will be relying on their credit card to cover the whole cost of Christmas. 

Of those planning to use a credit card, 43% expect they will be able to clear the debt within a month but, the average time expected to repay the cost of Christmas card spending is 2.6 months.