The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
Presents, food, drink, clothing, nights out, nights in, decorations – it all adds up.
How much cash you splash can vary depending on where you live, so we’ve taken a quick look at which European countries splurge and which countries scrooge at Christmas…
Average Christmas expenditure
UK - €639 / £537.86
Spain - €554 / £466.31
Italy - €549 / £462.10
Germany - €488 / £410.76
Portugal - €387 / £325.74
Russia - €367 / £308.91
Poland - €352 / £296.28
Netherlands - €341 / £287.02
Of the eight countries surveyed by statistics company Statista, the UK came in as the biggest spender – but how does this compare with the European average?
The Statista European average for Christmas spending totalled €460 / £387.19, meaning the UK spends €179 / £150.67 more than average. That’s a lot of extra pigs in blankets!
In fact, of the countries surveyed, the UK, Spain, Italy and Germany all spend more than the European average, while Portugal, Russia, Poland and the Netherlands spend less during the festive season.
Britain – Hey big spender
As retail habits evolve in the UK, with online spending booming and events like Black Friday and Cyber Monday becoming part of our shopping calendars, the average Christmas spend is rising.
But will we buck the trend in 2019?
Well, expectations are mixed.
According to insurance company Bobatoo’s 2019 Christmas Spending Survey, only 15.7% of people plan to spend more than £700 this year, but new research from professional services company Accenture predicts 87% of shoppers will spend more than they did last year.
Whether you’re splurging or saving this December, we hope you all have a very Merry Christmas and a wonderful New Year!
If you need to send money to loved ones during the period please give us a call on +44 (0) 20 7847 9400 or log in to your online account.
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.