THE exact amount Brits will spend on fancy Christmas party food and decorations has been revealed.
More than £2.2 billion extra will be spent this Christmas on fancy party food, decorations and trivia games across the nation.
Research of 2,000 adults who celebrate the holiday delved into spending habits over the festive period compared to previous years, with 47 per cent intending to enjoy Christmas more than ever before following a ‘miserable’ 2024.
While 30 per cent are eager to enjoy some luxury and 29 per cent long to treat a loved one to a bigger and better gift.
But 32 per cent plan to spend more on physical presents, intending to shell out an average of £479 per person.
The study also revealed the biggest festive spending increases include an extra spend of £14 per family day out over the festive period, an additional £10 on snacks, and £6.40 on luxury items for the Christmas dinner.
However, less is being spent than usual on Christmas jumpers, party outfits and cheese boards.
The research was commissioned by Virgin Money, which has released its Autumn Customer Spend Trends report, which revealed customer spending is up year-on-year, with more than £27 million going on lifestyle purchases from eating out to entertainment.
Andrew Carter, head of personal banking at the firm, said: “The results have shown spending is on the rise this Christmas, as people look to add extra magical touches this year.
“While desire and expenditure for physical gifts is on the increase, respondents also expressed a desire to give and receive more experiential presents too, such as theatre and concert tickets and spa days.
“Wherever people are spending their money, it seems as though a little extra here and there is being spent to elevate elements of the festivities this year.”
When it comes to shopping, 27 per cent per cent are looking to spend more ‘strategically’ to get more for their money through sales and discounts.
While the same number set themselves strict budgets to avoid overspending.
It also emerged 25 per cent have looked to focus their spending on more thoughtful and personalised gifts.
And 15 per cent have prioritised experiences over physical presents, according to the data from OnePoll.com.
Respondents were split when it came to whether a physical or experiential present means more – with theatre and concert tickets, spa day vouchers and entry to sports events the top presents purchased as experiences.
Andrew Carter, from Virgin Money, added: “We always want to get more for our money and the research has shown that people want to find the best deals to help their budget go further.
“And gifts that have more meaning seem to be taking centre stage this Christmas.
“Getting a lot more for spending a little extra seems to be the name of the game – and after a challenging year for many, Christmas is clearly a natural fit for enjoying some of the finer things.
