icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Dec, 2022 06:07

Brits cut back on Christmas gifts – survey

Energy bills, rent, and mortgage payments are the most commonly-reported financial burdens
Brits cut back on Christmas gifts – survey

Consumers in the UK have slashed spending on Christmas gifts this year as household incomes across the country have suffered amid the biggest jump in prices in 40 years, Bloomberg reported on Friday, citing a survey published by the Office for National Statistics (ONS).

Six in ten adults surveyed admitted they were planning to cut the amount they spend during this festive season by buying fewer and less expensive presents. Meanwhile, British charities have reported booming sales as cash-strapped shoppers are looking for second-hand Christmas gifts.

With disposable income hit by skyrocketing inflation, people are tightening their belts and expect to eat out and socialize less, the public opinion and social trends survey showed. Inflation in the UK reached 11.1% in October, more than five times the Bank of England’s 2% target.

About 18% of respondents told the ONS they had no savings to shield themselves from surging costs and 7% reported they had missed a bill payment in the past month. Households were facing the highest financial pressure from energy bills, as well as mortgage and rent payments, the ONS said.

Nearly half of UK adults reported they were hardly able to heat their homes and three quarters were alarmed about the cost of living.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
23:13
0:00
25:0