Skip to main content

Christmas spending on the rise as two thirds of Brits plan to spend the same or more on gifts than last year

13th November 2024

  • Festive Spend: Brits plan to spend an average of £315 on gifts this Christmas
  • Four in 10 (42%) have savings set aside to pay for Christmas gifts
  • 20,000 TSB customers set up a savings pot to help cover the costs of the festive season
  • A third planning extra measures like taking on extra work or selling items on Vinted to fund Christmas

Consumers are feeling positive ahead of Christmas, as nearly two thirds (65%2) of Brits have said they plan to spend the same or more than they did last year on gifts, according to new research from TSB.

TSB’s How Britian Spends at Christmas poll of 2,000 consumers shows that Brits plan to spend an average £315 on gifts for family and friends this Christmas.

Over four in 10 (42%) will use savings to cover the cost of Christmas gifts. TSB’s own data shows that 20,000 customers have set up a specific Savings Pot to help them plan for the festive season.

While most Brits plan to spend big over the festive period, over a quarter (30%) intend to reduce their spending, while 33%3 plan to take extra measures to help them fund Christmas this year. Of those taking extra measures, 40% plan to sell items via platforms like eBay and Vinted, with 20% looking to secure a second or third job.

As the Christmas shopping period gets underway TSB’s Head of Personal Current Accounts, Carys Barnes has shared her tips for keeping on top of your finances over the festive period:

  1. Making a list, checking it twice - before the shopping starts, work out how much you want to spend and write a shopping list to help make your money go further. Keep track of what you’re spending so you stick to the plan.
  2. Talk to friends and family – families can keep costs down by setting spending limits or agreeing to only buy presents for children. You could also agree to do a family Secret Santa rather than buy individual presents.
  3. Saving – we know many of our customers have been regularly building up savings for Christmas. It’s never too late to start saving and with two pay days still to go before the big day there is still time to put some money aside to help cover the costs of the festive period.
  4. Sell (or buy) second-hand – if you’re needing a declutter you might be able to sell some of your old things online on sites including eBay or Vinted to put towards your Christmas fund. We know from our own data that TSB customers who sold items on Vinted over the last year received an average income of £215.00. You could also consider checking these platforms for any bargains when doing your Christmas shopping.
  5. Be sensible with your credit card - Christmas can be an expensive time and using a credit card can be really helpful in spreading the costs over the period. A credit card also offers greater protection for expensive items that don’t turn up or are faulty. When using a credit card only spend what you know you can afford to repay.

Carys Barnes, Head of Personal Current Accounts at TSB said:

“With the Christmas shopping season about to get into full swing, it’s easy to get swept up in the excitement of spending. Staying on top of your finances will help you enjoy the season, reducing the risk of any January debt blues.”

Information Icon

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ​

Notes to Editors

  1. The polling was conducted by Censuswide among a sample of 2000 nationally representative consumers in the UK (aged 16+). The data was collected between 3/10/24 and 7/10/24.  Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles. Censuswide is also a member of the British Polling Council.
  2. Combines ‘More’ and ‘About the same’
  3. Combines ‘Yes’ and ‘Not yet, but I plan to’
  4. TSB’s Spend and Save Accounts come with a range of valuable features to help our customers make the most of their money.
    • Access to offers and discounts across a range of leading retailers and brands in the new My TSB Rewards Portal.
    • On top of the switching and cashback offers, TSB’s Spend & Save and Spend & Save Plus accounts come with instant access savings called Savings Pots. Customers can earn 2.82% interest AER variable.
    • TSB also has its Monthly Saver account. Customers can earn 6.00% Gross/AER, fixed for 12 months.
    • Auto Balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a chosen Savings Pot to top it up.
    • ‘Save the Pennies’ – customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.

TSB Bank plc. Registered office: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland, no. SC95237.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 191240.

TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service.

Calls may be monitored and recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service. Not all telephone banking services are available 24/7.

Together we can end domestic abuse.

Safe Spaces, UK Says No more, popup