8th December 2022
The study was released after it was revealed that half the turkeys reared in Britain for Christmas have perished or been culled because of bird flu, sparking fears of a shortage and huge price rises.
Our research found more than half (51%) of struggling Brits are already worried about how they will afford Christmas because of the cost-of-living crisis, and plan to spend more than a third (36.3%) less on presents this year too.
One in three (33%) said they can’t afford to splash out like they have in previous years, 47% are cutting down on the price and amount of gifts, 36% will reduce spending on Christmas food, 34% will lessen their spending on drinks over the period and almost one in three (30%) won’t go to any Christmas parties at all.
Even before the turkey shortage was revealed, one in three families said they plan to opt for something other than turkey for Christmas dinner, while 16 per cent will get a frozen bird and 8 per cent can’t afford a turkey at all.
Greg Marsh, founder and CEO of Nous.co, said: “This is set to be the toughest Christmas to afford in modern times.
“It’s important whether you’re hosting or not to make sure you’ve budgeted for Christmas this year, and January. You may be considering charging guests for a contribution to the meal, but before you do, there are other ways to save.
“Don’t overbuy on food, at Christmas, our eyes are often bigger than our bellies so serve the turkey, with less of the trimmings. Agreeing with your loved ones to set a budget for presents, or making gifts rather than buying them are also great ways to celebrate on a budget.
“Keeping on top of your finances this Christmas is pivotal, don’t throw away your financial stability for the sake of being part of the festivities.”
For more details, please contact firstname.lastname@example.org
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