UK Christmas shoppers will pay more for less this year, say economists

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Consumers will pay more for less this Christmas, economists have warned, getting less of a bang for their buck than the faint phutting of a puny, overpriced cracker being pulled.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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11 Dec 2023

Although Britons will spend more than in the belt-tightening 2022 festive season, the resultant fare won’t yet match the pre-pandemic Christmases past.

This year the average UK household will shell out £550 on festive goods and services, including food, alcohol, toys, games and clothing, according to data from the Centre for Economics and Business Research (Cebr) – up £70 from last year.

However, in real terms, the value of that outlay will only be slightly better than 2022 – and consumers would have to spend another 20% more on top to get the kind of Christmas they enjoyed in 2019.

According to Cebr, an economic consultancy, the cost of Christmas is up nearly a quarter in three years.

Those looking to drown their sorrows through the cost-of-Christmas crisis will feel the pain even more, with the price of booze rising even faster than food in the last year. In an