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Christmas 2023: 59% of Brits Are Calling Things In
easyMoney’s latest survey shows that more than half of us are tightening our belts this holiday season. With the cost of living stretching budgets to the max, many are planning to cut back on gifts, drinks, and even board‑walk strolls.
How Many are Building a “Christmas Cash Nest”?
- 64% of respondents usually stash a bit of extra money in the weeks leading up to Christmas.
- Last year’s gift‑spending peak was a hefty £548, shrinking to around £430 in 2022.
- Inflation peaked at 9.2% in December 2021 but eased to 6.3% this year – still a hefty hit.
What’s the New Game Plan?
In short, 59% of people will spend less this year to keep their finances in check. The main focus: fewer presents for the entire network and less social grogginess.
- Fewer gifts for extended family and friends.
- More “quiet” Christmases with fewer drinks and trips to markets.
- Cutting down on family presents and the trivial love‑anything 4‑song.
- Reducing the money spent on alcohol, food, and travel to visit loved ones.
CEO’s Word‑on‑The‑Spin
Jason Ferrando, CEO of easyMoney, says: “Christmas is a magical time, but it can also feel like a price‑tag bomb. Even with inflation easing, people still feel the squeeze. A lot of folks had a “rain‑y‑day” stash, but the cost‑of‑living crisis has already drained it. So we’re seeing a wave of trickles down—cutting out gifts, outings, and festive feasting—just to keep the wallet from going completely empty.”
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