The eye-watering sum the average family will shell out this Christmas

The countdown to Christmas is officially on as the nation prepares for the all-important food shop, buying the gifts and decorating the house.

But unfortunately, as fun as the festive season is, it also comes with a hefty price tag attached.

According to a new survey of 2,000 adults for Christmas savings club Park,families are set to spend an average of £1,502.

This includes a whopping £693.80 on presents alone.

Christmas dinner is set to be an additional £185.80, while families will fork out £158.20 on sweets and treats.

That’s not even including alcohol (who doesn’t love a morning tipple on Christmas day?), soft drinks, decorations and other extras you may wish to buy.

Plus, the survey revealed that age also changes Christmas habits.

Gen Z (aged 18 to 29) expect to spend a considerable amount more on Christmas, with an average of £2,274, in comparison to the £870 for Baby Boomers (62 to 80).

However, Gen Z also said they were the most worried about Christmas costs, with 80% sharing their anxiety, compared to 37% of Baby Boomers.

Despite the eye-watering sum, only 22% of those surveyed said they put money aside throughout the year to go towards the festive season.

How can I sort my finances for Christmas?

Metro asked Sophie Graham, a personal finance expert at Sunny, for her tips for saving money this Christmas.

‘I recommend setting a realistic budget and breaking it down into presents, food, treats and extras, then putting a small amount aside each week to spread the cost rather than relying on December’s wage to cover every element of the festivities,’ Sophie says.

‘Also, agreeing on spending limits or a Secret Santa with family and friends can take the pressure off gift buying. While picking up non-perishable food and treats gradually over the coming weeks can make the big Christmas shop far more manageable.’

‘It’s also worth being cautious about putting festive spending on credit cards or buy now, pay later, as the cost of Christmas can follow you well into the new year if you borrow more than you can comfortably repay,’ the finance expert warns.

This is a sentiment Vix Leyton, consumer expert at thinkmoney, echoes.

‘Check the real price of things like chocolates, drinks, cheese and party food across different shops rather than assuming your usual supermarket is giving you the best deal because there’s a yellow sticker on the shelf,’ she tells Metro.

‘And don’t let a three-for-two persuade you to buy three of something you only wanted one of.’

And before you hit the shops? ‘Audit the list before you start shopping. There may be people you’ve been exchanging gifts with out of habit who would be just as relieved as you to call it quits. Ask people what they actually want and agree on limits where you can.’

Vix also adds that splitting hosting or asking people to bring dishes can also help share the cost at Christmas, rather than one host bearing the brunt.

Social media pressures

So why are low-earning Gen Z planning to spend more? No surprises, the culprit is likely social media.

‘When you’re constantly being shown somebody else’s perfectly decorated house, festive city break or mountain of presents, it can make a perfectly good Christmas feel like you’re falling behind,’ Vix notes.

‘If that sounds familiar, retrain the algorithm rather than upping your Christmas budget.

‘There are plenty of young creators shouting just as loudly about saving money, finding cheaper alternatives and having a great Christmas without spending a fortune. Fill your feed with more of that.

‘Social media can create the pressure, but used properly, it can also give you the inspiration to opt out of the noise.’

Do you have a story you’d like to share? Get in touch by emailing MetroLifestyleTeam@metro.co.uk

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