A survey by leading insurer Policy Expert reveals that Brits will reduce the amount they splash out on each other by an average of £54 compared to 2015.
Despite the majority (54%) saying that giving gifts is what they enjoy most at Yuletide spending on presents will be slashed by over 10%, from £479 to £424.
Who gets most?
The figures also reveal that parents are more generous when it comes to giving gifts to offspring than to each other.
The average spent on a partner is a tidy £123, but daughters and sons have £131 splashed out on them.
Non-relatives don’t do badly either, with friends being given gifts worth an average of £24.
Average spend per household
Extra costs, such as buying the turkey, decorations and lashings of booze, raise the average spend per household to £653.
Saving and spreading the cost
When it comes to keeping the costs down, it would seem that Brits are canny Christmas planners.
Over half (54%) work out a budget per person, while two-thirds, 67%, buy presents early to spread the cost of festivities over a greater part of the year.
Indeed, over one-in-ten (13%) are actually thrifty enough to purchase gifts in the January sales, almost 12 months prior to the big day!
Increase home cover, or lose out
Many households don’t realise they should increase their home insurance levels at Christmas to take into account the value of all the presents, food and booze in the house. If they don’t, and there’s a fire or burglary, for example, homeowners could lose out in a big way.
Any home cover taken out through Policy Expert has claim limits that automatically increase by 10% during the Christmas period, something you should expect from any high quality insurer.
Protecting homes and presents at Christmas
The festive period turns many homes into veritable treasure troves for thieves, which makes security all the more vital at this time of year. Here are a few tips to help keep burglars out.
- If you’re going to hide presents, put them in less obvious places than under beds or in wardrobes.
- If you do place presents under the tree, keep them out of sight of windows.
- Sheds containing tools and other items burglars might use to get in to a home should be kept securely locked.
- If you go away for any length of time, ask friends to open and close curtains, and keep an eye on your home.
- Set lights, and even televisions and radios, on timers so that potential thieves think the home is occupied, even if you’re only off to the pub.
- Keep keys to your house and vehicles away from access points as ‘fishing’ is common via letter boxes and cat flaps etc.