CHESTER, England, November 22, 2012 /PRNewswire/ --
- Average spend tops £445 per person
- 47 per cent of parents feel pressured to spend more than they can afford
- Children to receive an average of £132 worth of presents each
With just over 30 shopping days until Christmas and only one more payday for most, new research from MoneySupermarket predicts festive expenditure is set to top £22 billion* with Brits splashing out an average of £445 per person this year. This is up 1.8 per cent on last year's figure of £437 per person, representing an extra £1 billion** in overall spend.
The survey questioned over 2,000 British adults and found spend will be highest amongst 35-54 year olds at £491 per person. The total falls to £423 for those aged 55 and over and £415 for those aged 18 to 34.
Those in the North East are set to spend the most with an average of £595 per person, followed by those in Wales at £531. Shoppers in the East Midlands are expecting to spend the least averaging at £355 each.However, one in five, (19*** per cent) expect funding Christmas to get them further into debt this year, rising to one in four (25 per cent) for those age 18 - 34 vs. 21 per cent of 35 - 54 year olds and 12 per cent of over 55s. Of those surveyed, only 15 per cent of Brits are expecting their December salary to cover Christmas spend. Amongst those planning to spend money this Christmas, 73 per cent expect to spend most of their Christmas budget on presents, with mums and dads planning to part with £132 per child on gifts alone.