UK shoppers spend an average of £362 on presents
According to the Lloyds Bank report, 3 out of 4 customers have a specific budget for Christmas presents in mind. However, almost half (48%) still expect to overspend.
In general, the average budget on presents is set at around £362, although this rises to £423.23 for people aged between 45 and 54. Meanwhile, 18-24-year-olds keep tighter wallets with typically spending £164.36 on seven presents, working out to £23.35 per person they buy for.
People over 55 are the least to plan their spending, with nearly a quarter (23%) taking a relaxed approach to their festive season budget.
Overall, almost a fifth of people exchanging Christmas gifts (18%) doesn’t set a Christmas present budget.
The research shows that one in four (25%) never spend more than they have planned, 43% usually go a little over, and 5% admit to going well over what they had originally intended.
But still, some people do not usually feel guilty for overspending on loved ones for Christmas. For instance, only two in five (42%) are completely guilt-free, versus just 2% who are overcome with ill-feeling.