Britons 'cutting back on Christmas spending'
The average cost of Christmas this year is likely to be 35 per cent less than it was ten years ago as Britons cut back on their festive spending as the recession continues to make budgets tight, it has been revealed.
According to research by Saga, only 13 per cent of people have plans to use their savings to help fund this year's celebrations, compared to 31 per cent in 1999.
Furthermore, adults are planning to spend an average of £435 on gifts for loved ones, compared to £516 a decade ago.
And this year, 52 per cent of Britons have plans to use their regular income to cover Christmas costs, while during 1999 just 33 per cent adopted this approach.
People looking for flats to rent in Shoreditch or another part of London may find they have more money left over to spend on presents than they would if they took on a mortgage for a property in the same area.
Andrew Hagger, spokesperson for Moneynet.co.uk, recently advised that consumers should begin saving now for next Christmas.
Written by Andy Britten
Published 3rd December, 2009
© 2009 Estates IT Limited
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More people will be spending less on Christmas this year as the recession rumbles on, new research has revealed - although Britons may find they have more cash to splash on celebrating if they choose to rent rather than buy a London home.