Press releases

HOUSEHOLDS PLANNING TO SPEND MORE ON CHRISTMAS ACCORDING TO MONEYMOOD SURVEY.

John Pollock - Group Board Director - Legal & General's Risk business
John Pollock
CEO
Legal & General Assurance Society

02 December 2013

John Pollock - Group Board Director - Legal & General's Risk business
John Pollock
CEO
Legal & General Assurance Society

Good news for Santa this Xmas…

The latest MoneyMood Survey from Legal & General shows a significant increase in the number of households who say they expect to spend more on Christmas presents this year.

Almost 1 in 5 households (18%) expect to increase the amount they spend on presents, up 38% on Xmas 2012 (13%) and the highest level since we began monitoring Xmas expectations in 2010.

Combining this with the number of homes who say they will spend the same as last year, we find the majority (67%) of households say they will spend more or the same on Christmas this year - also up compared to last year (60%) – good news for Santa perhaps.

Spending up right across the UK:

The increase is reflected right across the country with the number of households saying they will spend more or the same on Christmas this year up in every region.

The number of households saying they will spend less on Christmas presents (29%) has fallen for the first time in 4 years and is well down on last year’s record level (36%).

MoneyMood Survey® Do you think that your household will be spending more, less or about the same on Christmas presents as you did last year? (To view the chart showing expectations of spending over Christmas please click on the link on the  right of this page.)

1.6 million households can’t afford Xmas…
The MoneyMood survey also asked households to describe their ability to pay for Christmas.

Across the UK our survey shows 6 out of 10 households (57%) say they have enough money to pay for presents and celebrations over the festivities, almost unchanged from last year (59%).

However, the not so good news is that the number of households who are struggling to pay for Christmas has not moved for three years. 

More than one and a half million (1.6m) households say they “Can’t afford to buy presents and pay for celebrations this year”, which is the same as 2012/2011.

London shows 3 year rise in ‘Struggling to pay for Christmas’:

The regions with the highest percentage of households struggling to pay for Christmas this year are London 17% (up 70%) and East Midlands 10% (up by a factor of 5) both significantly higher compared to last year.

MoneyMood Survey® I cannot afford to buy presents and pay for celebrations this year…(To view the chart showing the number of households struggling to pay for Christmas by region please click on the link on the  right of this page.)

Commenting on these findings John Pollock, Chief Executive Officer Legal & General Assurance Society said; “At this festive time of year it’s nice to be able to bring some good news about household spending.

Expectations of spending on presents and festivities are up right across the country with 2 out of 3 homes saying they will spend the same or more than last year. 

The spirit of Christmas seems determined to show Scrooge the door in 2013.

Clearly it’s not all good cheer. 

The number of households saying they can’t afford to pay for Xmas has been constant at 1.6 million for three years now. 

In many regions there is some positive news and the number of households struggling to pay for presents has fallen compared to last year.

However, this year London has shown a sharp increase for the third year in a row and now has the highest percentage of homes who say they cannot afford to pay for presents and celebrations over the festive season. 

Clearly Londoners are struggling to cope with the cost of Christmas.

Elsewhere households in the East and West Midlands, Yorkshire and Humberside, Scotland and the South West have shown an increase in the numbers who appear to be struggling to meet the extra expense of Christmas.

Let us hope that we will be able to bring more positive news next year.”

Notes to editors

SURVEY – METHODOLOGY

TNS Omnibus carried out research for the Legal & General MoneyMood Survey.

Telephone interviews were conducted among a nationally representative sample (in GB) of around 1,000 adults (age 18+) between 18 – 20 October 2013, 26-28 October 2012, 23-25 September 2011 and 24-26 September 2010.

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies.  As at 30 June 2013, we were responsible for investing £440 billion worldwide on behalf of investors, policyholders and shareholders.  We also had over 7.3 million customers in the UK for our life assurance, pensions, investments and general insurance plans.

The Legal & General MoneyMood Survey is registered by Legal & General plc.

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.


For more information please contact:

Mike Connolly

Mike Connolly

About Legal & General

Legal & General Assurance Society Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 166055.

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