Is this the season to be thrifty? As the cost of living crisis continues to hit households hard, three-quarters (75%) of Brits will be reducing how much they spend this Christmas, according to a survey carried out by lighting supplier Ultra LEDs.
The results showed people would spend around 25% less this year than last on everything from gifts and clothes to food and drink.
Spending less on gifts was the most common way Brits plan to save money this Christmas, with just under two-thirds of respondents (59%) stating they’ll cut spending this year. Although many did say they felt guilty about having to do so.
Top seven things Brits will be cutting costs on this Christmas
- Gifts (59%)
- Food and drink (46%)
- Decorations (36%)
- Attending parties (31%)
- Socialising with friends and family (30%)
- Clothing (29%)
Homes will be a little less bright this year due to the costs associated with running festive-themed illuminations. Despite the majority (86%) of Brits saying that Christmas lights bring them joy over the festive period, over half (54%) will avoid putting them up this year due to rising energy costs, which have made bills unaffordable for many households.
The research further revealed the nation’s feelings due to the cost of living crisis, with over half (53%) worrying that the big day will be a disappointment and two-fifths (39%) saying the prospect of Christmas in the current financial climate is making them feel depressed.
When it comes to saving money, Brits have also looked at their monthly expenses to see what they can cut in preparation for the festive season. Topping the list is going out, which includes meals, dates and nights out while reducing takeaway spending came in at a close second.
Worryingly, over a quarter are avoiding dental or medical treatments where they need to pay for prescriptions or further treatment due to the cost of living crisis. With people going to extreme lengths to save for a good Christmas, this could potentially lead the country to a health crisis if the situation continues.
Top 10 ways Brits are cutting back to save money due to the cost of living crisis
- Cut down on going out (50%)
- Reduced or stopped buying takeaways (46%)
- Walked instead of driving (32%)
- Purchased bulk and frozen food (28%)
- Stopped getting beauty treatments (26%)
- Avoided dental or medical treatments where you have to pay for treatment (26%)
- Switched bulbs to energy-efficient ones (24%)
- Cancelled streaming subscriptions (23%)
- Purchased an air fryer to avoid using the oven (21%)
- Checked utility providers to get the best deal (17%)
Matt Ellis, chief financial officer at Ultra LEDs, commented: “It’s no surprise that people are looking to cut back this season, following a tough few years, the current cost of living crisis and the impending recession.”
“That said, it’s a shame to see that so many people have decided not to put up Christmas lights, as there are plenty of ways to get that festive feeling without spending a lot of money. LED lights, as an example, offer an energy-efficient, money-saving alternative to traditional lighting solutions.”
Tom Cain, the technical engineer at Ultra LEDs, added: “Based on the average household using 20 bulbs at 60 watts for five hours a day, you would typically enjoy a saving of around £400 per year by switching to LED bulbs.”
“Moreover, LED Festoon lights can be installed outside using trees, around pergolas or fences and even on top of windows to add a bit of festive cheer, while LED strip lights can provide a party atmosphere inside at a much lower cost compared to incandescent lights.”
