08 Nov Cost of Christmas crisis: Festive goods rise by almost a third as households feel the squeeze
New data from personal insolvency provider Creditfix has shown how the cost of Christmas has soared over the past 10 years.
The average cost of festive decorations and snacks such as advent calendars, cards, gift wrap and a Christmas tree has risen to £548 this year – £130 more than it would cost in 2012. That’s before Brits take into account the price of gifts, social events and the full Christmas dinner shop.
The Christmas Inflation Index saw Creditfix look at 25 items to reveal that the traditional Christmas stocking saw the biggest price hikes. While the average cost of a standard Christmas tree in 2022 is £88, it was £69 in 2012 – a jump of almost a third and 64% higher compared to 20 years ago.
Data was gathered on the average price of popular festive treats this year at popular department stores and supermarkets, and then analysed using the Bank of England inflation calculator to show the difference over time.
Bauble prices have surged from an average of £7 in 2012 to almost £10 this year – a 32% increase.
And those preparing to host Christmas parties this year will also feel the sting, with the price of Bucks Fizz, mince pies and Christmas pudding all rising by 28% in the last 10 years.
Of the items analysed, the Christmas tree topper was the least affected by inflation. Prices for angels and stars increased by only 15% over the past five years.
A supermarket-bought chocolate advent calendar, however, is now at record costs, setting people back £7 on average.
How the average price of people’s favourite festive products have been affected by inflation over the last 10 years:
1 – Stockings – from £3.12 to £4.25
2 – Baubles – from £7 to £9.30
3 – Christmas garlands – from £22.62 to £29.15
4 – Inflatable Christmas decorations – from £39 to £50
5 – Gift wrapping – from £4.68 to £6
6 – Bucks Fizz – from £3.12 to £4
7 – Mince pies – from £1.56 to £2
8 – Christmas pudding – from £3.12 to £4
9 – Tree skirt – from £28.86 to £37
10 – Christmas jumpers – from £14.82 to £19
Layla Johnson regional manager at Creditfix said: “Christmas is an expensive time of year for everyone, but in 2022 it’s set to be even more difficult to manage for many people who are already struggling to keep up with rising energy bills and other essential expenses. It’s not surprising to learn that 60% of people asked in October said that they plan to spend less on Christmas this year.
“With such high inflation rates, though, families will have some tough decisions to make on where to prioritise their spending if they’re looking to cut their budgets. Our Christmas Inflation Index offers an insight into just how much costs have risen for some popular items, and how easy it is for spending to spiral out of control.
“If you’re struggling, there are some things you can do to cut back. Gift favours, such as babysitting, rather than spending money – and you could still keep up the magic of Christmas by treating some of the little ones in your family with the leftover budget.”
