New research by American Express has suggested that seasonal spending will hit £75 billion this Christmas
The research has predicted that consumers plan to spend on average £1,522 each this festive season. As a nation, this comes to more than £75 billion being spent on everything from presents to parties.
The top three costs this Christmas are festive getaways, gifts and hosting parties. Almost a quarter (23%) of this year’s seasonal shoppers will redeem loyalty points, cashback and rewards as part of their festive spending.
The top nine costs of Christmas in 2019
|Christmas Day food shopping||£102|
Despite the cost of Christmas, only 17% plan for an increase in their spending and three in ten admit (30%) to not setting a budget at all.
Carmelo Scoglio, Director at American Express, said “Christmas is the season to spend quality time with friends and family and it can be great fun planning trips to see Father Christmas, going late night shopping or even heading abroad to visit a Christmas market. All of these festive items and experiences can soon add up. When celebrating this year make the most of your expenditures by putting them on a card that gives you rewards and cashback for spending.”