The Building Costs Of Christmas
‘Tis the season once again.
And here in the UK, we’re nothing if not generous with our Christmas spending. However, have you ever really thought about just how much you spend each year? According to American Express, we’re predicted to spend an average of £1206 per adult on Christmas in 2018. That’s £60 billion nationwide. Now that sounds like a lot of money, but when you break down everything you spend, it builds up fast.
Let’s start with the big traditions.
When it comes to presents, parents can feel like they’re under a lot of pressure to keep their children happy. 47% of them have even admitted to overspending to do so. So, it’s no wonder that of the average £400 parents spend on presents, nearly £250 goes on children’s presents alone.
Next is the food. Christmas 2017 already saw a rise in food costs due to Brexit uncertainty and the trend is set to continue. While American Express predicts we’ll spend an average of £74 on food, the cost of both the traditional turkey and roast potatoes could rise by another £1 each. This figure also doesn’t include how much we spend on snacks like chocolate in the run up to the day. Supermarkets will usually try and keep the price of chocolate selection tins to around £5. However, with the effect of “shrinkflation”, the same prices for smaller products, we’re buying more tins every year.
Trying to see family during the season has its costs too, with hosting a family get-together running you anything up to £76 per head. Going to visit other family isn’t much cheaper either unfortunately, with the average family spending up to £66 on the petrol they need to get to their destination.
Then there are more recent traditions.
Christmas can be a fun time in the workplace, but it can also be costly. Over £88 is predicted to be spent per person on Christmas jumpers and new outfits for the office party. If the company has an office party at all. With more companies fearing the repercussions of harassment cases, many are now electing to either have company trips that employees pay to join, or encourage clean fun with charity fundraisers instead.
Festive getaways have also been rising in popularity, especially among younger couples as they place more value in memories and experiences than physical objects like presents. Planning to go abroad comes in at an average of £237 per person, while staying in UK will set you back £174 per person. Visits to the local Christmas market are becoming a must on trips like these as well. In the UK alone, Christmas markets contributed £250 million pounds to the economy in 2015, so we do seem to spend a lot of money at them.
It’s beginning to sound like a lot, right?
And we haven’t even begun to mention things like day trips, replacing and buying decorations or the usual increased costs that come with the kids being off school. So, imagine how much you would have to give up if you suddenly needed to take time off work due to illness or injury.
What would be the first to go? Presents for yourself or your spouse in an attempt to let the children keep their presents? Christmas dinner in favour of turkey drummers, chips and frozen peas? All the plans you’ve been making as you now have to stay at home watching the same five Christmas films over and over? It doesn’t do much for your Christmas spirit and it can be hard to feel jolly when nothing is being paid for. This is where Income Protection can help, and if you sign up now, we’ve got a special offer that will make your Christmas feel merry and bright.
If you sign up for Income Protection Insurance before Christmas 2018, the first three months of your policy will be absolutely free!
Just pay into your policy as normal in those months and we are guaranteed to reimburse you the entire amount. So, don’t let the most wonderful time of the year become the most woeful, click the button below to find out more about our special offer, and what Income Protection can offer you in the face of a brand-new year.