Friday, November 17The Voice of London

VIDEO: Are the holidays haunting your bank account?

Young people spend a lot of money on festive parties. With Halloween just gone and the Christmas holiday season knocking on your door, celebrating is getting to be really expensive for a lot of us – food, outfits, decorations, presents.

British shoppers, altogether have spent nearly £155 million on costumes this year – making Halloween Britain’s second biggest adult party. This year saw a climb of 1.7 percent to £481m in overall spend of seasonal products, according to GlobalData.

Halloween may have taken the prize for being Britain’s second biggest celebration but Christmas is still the first, as shoppers spend even more money on this holiday.

Gocompare.com Money released statistics last year that showed that the average British household expects to spend £753 on Christmas festivities in 2016.

With an average spending per household of £378 on presents for families and friends, £183 on food and drink, £109 on parties and £83 on Christmas tree and decorations – collectively that’s nearly £21 billion spent during Christmas.

According to the Experian Christmas Spending survey, more than 93 percent British enjoy celebrating Christmas and an average person in London spends about £53 on wine and spirits.

The research shows that most people who use their credit cards to spend on holiday shopping struggle to keep to their budget, sending them into a financial hangover.

Are we spending too much on holidays?

Tell us how much you spent on your costumes @VoiceOfLondonUK

Words: Bishakha Dutta | Subbing: Rituja Rao

 

Words: Bishakha | Sub:

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