New research has today (December 17, 2010) revealed that the Scots are determined not to let money worries dampen their Christmas spirit.
Research from Clydesdale Bank has shown that 81% of people intend party just as much this Christmas, despite almost eight out of ten (79%) admitting they are planning to cut back on their spending this Christmas.
Of those surveyed, 43% plan to spend less than £300 on socialising and gifts this year. A further 28% of those questioned are budgeting to spend less than £200. One in eight (12%) are planning on spending under £100, up by 4% last year.
The survey found the number of people planning to splash out this festive season by spending upwards of £500 has decreased by 3%.
|Scottish spending in 2010 compared to 2009|
|More than £500||25%||28%|
|Less than £300||43%||38%|
|Less than £200||28%||24%|
|Less than £100||12%||8%|
Of those surveyed, the majority (63%) will use savings to cover the costs of Christmas and a further 28% are planning to pay for their festive frolics by using December's pay cheque. More than 6% have saved with a Christmas club and 4% will use a Christmas bonus.
The most popular way of looking after the pennies this festive season is by attending a Christmas party rather than hosting an event, with three quarters (77%) taking this option.
More than half (52%) admit to re-using gift bags and boxes, and a quarter (25%) have re-gifted an unwanted present. A further 51% are budgeting by setting gift spending limits with friends and families.
Others are using their creativity and going for the personal touch with 34% of those surveyed opting for homemade gifts and cards.
Thrifty revellers will be saving money on their party outfits, with 16% of respondents planning to disregard the latest fashions and instead recycle or adapt their festive glad-rags from years gone by.
Workplaces are also taking a prudent approach to the festivities with just over a quarter (27%) of companies in Scotland fully paying for a staff Christmas lunch or party. More than a quarter (27%) of staff will pay for their own workplace event while a similar number (28%) won’t be celebrating with their colleagues in the run-up to Christmas. It appears that even the workplace secret Santa is on a budget this festive season with 33% of gift givers spending no more than £5 on a present for workmates.
Steve Reid, Retail Director for Clydesdale Bank, said: "Christmas is traditionally a time for goodwill and our research has shown that this is a sentiment shared by people across the UK as they are more focused on enjoying time with friends and family rather than overspending this year."
"At Clydesdale Bank we have also taken this approach and rather than sending Christmas cards are making a donation to charity. In addition, the Clydesdale Bank Foundation has distributed over £920,000 to over 690 charities during 2010 as we feel it is important to continue giving, especially at this time of year. Our staff have shown their generosity too. Over 20% now donate to good causes through Workplace Giving's Give As You Earn initiative, as well as participating in over 3,600 volunteer days to support local communities and projects over the past year."