Credit, Collections & Insolvency News
New research from Aegon has revealed that most people value time with loved ones over expensive gifts this Christmas, as the cost-of-living crisis reshapes festive traditions.
The survey found that 57% of people say spending time with loved ones matters most, while only 9% prioritise gifts. The average total spend in the UK on Christmas gifts this year is £542, yet 72% disagree that expensive gifts are necessary to make Christmas joyful.
Men (21%) are twice as likely as women (9%) to believe pricey gifts are necessary for a joyful Christmas.
Meanwhile, Londoners are split on the question of expensive gifts being necessary for a joyful Christmas (41% agreed and 47% disagreed), unlike the rest of the UK, where a clear majority disagreed (75%).
Other findings include a growing appetite for non-material gifts, with nearly a third of people (32%) saying they would choose to give the gift of time together, while others favour experiences (15%) or simple acts of kindness (15%).
Cost pressures are also reshaping tradition.30% now prioritise spending time with loved ones over giving or receiving gifts, 29% seek a more stripped-back celebration, and 11% have embraced Secret Santa to keep costs down. Leading this shift are 18–27-year-old members of Gen Z, who appear to be most affected by rising prices – only 14% say the cost-of-living hasn’t impacted what they look for at Christmas, compared to 27 % of all age groups.
Dr. Tom Mathar, Head of Money:Mindshift at Aegon, said “While financial stability matters, our research confirms what many of us already know – a long and happy life is about more than just money. Social connections, peace of mind, and quality time are just as vital.
“The festive season highlights this perfectly. Our survey found that over two-thirds of the British public disagree that expensive gifts are necessary for a joyful Christmas. Instead, more than half agree it’s primarily about spending quality time with loved ones.
“The cost-of-living crisis is perhaps sharpening this focus on the non-material approach. A third of people would now gift ‘time together’ if they could choose something non-physical. That’s an investment in relationships – and Christmas is the perfect time to make it.”
