Christmas 2023 and Your Spending Forecast: Revealed
Owing to the pandemic and the cost-of-living crisis, it’s been a tough few years to say the least. In fact, new research from ShipEngine, ShipStation and Retail Economics suggests, says Business Wire, that households will have three billion less to spend this Christmas, ‘as the cost-of-living continues to hang over households and consumers become increasingly savvy with spending…’.
How do you plan to spend your money pre-Christmas? Are you cutting back or will you be going all-out? We share some insight about how you plan to spend – and/or save – money this festive season. Read on…
“I love Christmas, but I won’t be going all-out this year!”
Thirty-nine-year-old Lianne* from West Yorkshire says that while she usually gets carried away when it comes to spending pre-Christmas, she’s going to cut back a little this year.
“We’ve had quite a few expenses recently – a new boiler and some other work around the house. This is on top of usual annual costs like MOTs (my car nearly always needs work doing), so I won’t be overspending this year.
“Some of our family members have decided to set a £15-per-person present-buying budget, too, so that will help me rein things in a bit. That said, ask me again in a few weeks when the pre-Christmas panic sets in and I start spoiling people, as usual.”
“I’ll go all-out and deal with the aftermath”
Steven, who’s 35, also from Yorkshire, says that even if his bank account isn’t at its most healthy, he’ll still go all-out when it comes to Christmas shopping.
“I’ll deal with the aftermath in January,” he says, adding that he follows heavier expenditure at Christmas by cutting back hugely in the first few months of the year.
He can’t resist treating people, he says, but equally he’s ‘careful to not be silly’ when it comes to spending.
“I always know what’s coming in and out of my account – and I generally only spend what I can afford.”
“I always buy thoughtfully”
Fifty-year-old Gaby from Greater Manchester says she always buys thoughtfully at Christmas – and this year will be no exception.
“These are indeed tough times. As with most Christmases, I'll tend to support local, independent businesses over the big, high-street brands. I always buy thoughtfully, too, whether that's for a gift or a little treat, just for me.
“Buy well, don't waste money, shop small, that's my motto for this year.”
There are plenty of ways to make your money go further. According to the Business Wire piece:
“To cope with the ongoing challenge, savvy shoppers report that they intend to start Christmas shopping earlier, use online marketplaces to stretch their budgets and cut back their overall spending.”
Just in time for the festive shopping season, too, Martin Lewis’ MoneySavingExpert site offers a whopping 38 Christmas money-saving tips. They include finding hidden local bargains on sites like eBay; making the most of cashback sites to earn money on any pre-Christmas spending and seeking out big discounts via online outlet stores.
The Which? site, meanwhile, offers some cut-price gift ideas, to help those who, like Lauren and Gaby, want to keep a closer eye on their spending this year.
Remember: Christmas is less about gift-buying and gift-giving and more about spending time with the people you care about. This year more than ever, ensure you only spend what you can comfortably afford to keep pre- and post-Christmas stress levels down.
With the cost-of-living crisis affecting many households, is Christmas 2023 the time to suggest you all cut back as a family? Perhaps you can set a present-buying budget, like Lauren, or even cull presents all together? This family budgeting site provides some inventive free (or cheap) ideas that are bound to be a hit if you’d rather not spend too much this festive season.
In preparation for Christmas 2024, are you keen to start saving now to make the festive season that little bit easier? It might be worthwhile now to start building up a savings pot, to lighten the load that can often all hit one pay cheque.
Until next time…
*Some names and locations have been changed
