Brits are set to spend £902 million on Easter this year, according to shopping comparison site finder.com. However, this is a decrease of £198 million from last year’s £1.1 billion.
This is because the average person in the UK intends to part with £27.66, a fall of £2.48 (8%) from £30.14 in 2019.
Over three fifths (62%) of Britain’s population plan to spend on gifts and chocolate over the Easter weekend, which is equivalent to 32.6 million Brits. However this is 4 million less than last year, as many families start to feel the financial pressures brought by Coronavirus.
On top of this, the number of people celebrating Easter without spending has risen -a further 5.7 million (11%) will celebrate without gifts, bringing the total of those celebrating to 38.3 million (73%). This trend is up by 22% since 2019, when only 9% of Brits celebrated Easter without spending a pound.
The total of those celebrating Easter this year is 38.3 million (73%), although this figure is down by 6% compared to 2019 (78%), while those who intend to spend is down by 11% since 2019 (69%). These downward trends could be due to the social distancing measures and financial implications caused by the coronavirus pandemic.
On average, men are planning to spend more than women on Easter (£29.83 vs £25.77). However, nearly two thirds of women (65%) intend to actually part with their money, this is 6% more than men (59%).
Residents in North East of England are planning to spend more than any other region, with shoppers here expecting to part with £39.47 on average. This region also has the highest proportion of residents who plan to spend on Easter this year (73%).
At the other end of the scale is the South West of England, residents here are set to spend the least, with the region’s average being £22.78. Northern Ireland’s residents are the least likely to spend on Easter, with only 57% of residents saying they plan to pay out for Easter gifts.
Millennials are the least cost-conscious generation as they plan to spend an average of £32.41 on Easter. On the other hand, generation Z expects to spend the lowest amount, with an average of £20.77.
Additionally, millennials plan to partake in Easter spending the most, with three quarters (73%) of this generation saying they intend to do this. The generation that has the lowest proportion of Easter spenders is boomers, just over half (54%) of this generation intend to spend on Easter 2020.
Commenting on the findings, Georgia-Rose Johnson, shopping expert at finder.com said:
“The drop in those celebrating and spending money around Easter this year is likely to be caused by social distancing and lockdown measures put in place by the government to combat the coronavirus pandemic. However, Brits could also be growing wise to the high markups on Easter eggs, seasonal temptations and gifts, hence the increase in those who are celebrating without spending. If you’re still planning on celebrating Easter from your home, shopping around online for the best deals, using discount codes and making your own treats are all great ways to save money, which is especially important during these times of financial hardship.”
To see the research in full, visit: https://www.finder.com/uk/easter-spending-statistics