UK households are expected to spend 65% more this Christmas compared to last year, driven by soaring inflation and the rising cost of living, according to a new study by WorldRemit. The typical festive spend is estimated at £905, including £145 on food and £590 on gifts, equating to about 36% of the average monthly household income.
The study examined festive costs across 23 countries, including five developed nations: the UK, US, Canada, France, and Australia. The UK saw the highest increase among these, with prices 65% higher than last Christmas, while France was the only country expected to see a cost reduction of 11%.
Despite the projected high spending, many British families are forced to cut back due to soaring food prices, energy bills, and inflation. The Evening Standard and The Independent have launched the 'On the Breadline' Christmas Appeal, partnering with Comic Relief, which has pledged £1 million in grants to charities supporting those most affected by the cost of living crisis.
