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BIGGEST
CUT BACK IS ON FOOD AND ALCOHOL
The credit crunch
is causing a £3 billion reduction in consumer spending this
Christmas, as Brits tighten their belts like never before - according
to a new consumer report by Travelodge.
The study of 3,000
Brits revealed this Christmas is shaping up to be one of the bleakest
in years as consumers rein back on their spending. Forty nine per
cent of adults are dreading the forthcoming festive season, due to
expensive food bills and high inflation costs.
This year the
average household will spend £483.47 on the festive season which
is a £108.53 reduction from 2007. Listed below are the five
areas of spending, Brits are cutting back on this Christmas:
1. Buying less
presents and not sending any Christmas cards to family and friends
2. Purchasing
inexpensive food / alcohol and opting for cheaper alternative options
- (example:
swapping turkey with chicken)
3. Attending fewer
Christmas parties
4. Avoiding
entertaining family and friends over the festive season
5. Not buying any
new clothes and Christmas decorations
'Scrooge syndrome'
is hitting credit crunch Britain this Christmas with over half of the
nation (56%) saving money by reducing the number of gifts (and
Christmas cards) they give to family and friends.
The key people to
be eliminated from the 2008 Christmas gift list are:
* Colleagues at work
* Neighbours
* Friends
* Uncles, Aunties
and cousins
* Grandparents,
parents and the in-laws
* Partner
* Friends' children
The second biggest
expense Brits will be cutting back on this Christmas is entertaining.
Forty three per cent of savvy shoppers will be looking to save pounds
by: shopping in budget supermarkets, opting for cheaper brands of
food/ alcohol and adapting their Christmas dinner menu with cheaper
alternatives - such as swapping turkey for chicken.
British households
are also looking to save money this Christmas by avoiding seeing
family and friends over the holidays, recycling Christmas
decorations, wearing old clothes and attending fewer Christmas parties.
Sixty seven per
cent of respondents reported they are looking to spend Christmas Day
with family and friends - so that they can save money by not hosting
the day. (The report found on average £156.78 can be saved by
not hosting Christmas Dinner for family and friends)
Mark Kemp,
Travelodge Reservations Director said "Our report highlights
the credit crunch is certainly changing consumer's attitude and
buying behaviour. The consumer trend is shifting towards a low-cost
approach when shopping for goods and services. We have seen a double
digit growth in 2008 Christmas room sales. This is due to savvy
customers booking early to acquire a low rate. Most of our bookings
are for people visiting family and friends during the holidays and
revellers opting to stay in a Travelodge, after their Christmas party
as it may be cheaper than getting a taxi home".
Other key findings
from the study included:
* 31% of
households hosting Christmas dinner will ask their guests to bring
food and drink with them, as a contribution towards the cost of
inviting them
* 24% of
households hosting Christmas dinner will buy cheaper brands of
crackers and food and and hide the boxes from their guests
* Nine per cent of
households will ask their guests for a monetary contribution towards
the cost of hosting Christmas dinner
* Nine per cent of
respondents reported Christmas will be cancelled in their homes this
year because they cannot afford it
* 27% of Brits
will be dipping into their savings to pay for the cost of Christmas
this year
* Respondents
reported top tips for saving money is to search magazines, newspapers
and consumer websites for money off coupons for consumer goods.
Also shop
with a friend and take advantage of the 'buy one and get one free'
offers on the high street
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