24th July 2015
With the economy in recovery, Britons feel they have more cash to splash and they are spending on gifts for friends and family.
Britain is becoming an increasingly generous nation according to research by the Post Office gift card One4all. It’s gifting index shows consumers are anticipating a 7% rise in gifting spending.
Last year the average Briton spent £370.67 on gifts but that figure has risen to £397.37 on gifts outside of Christmas and birthdays. Housewarmings are taking over from christenings and engagements as the fifth most popular UK gifting occasion outside of Christmas and birthdays.
Mother’s Day was the most popular gifting occasion.
The rise comes as the Office of National Statistics announced a 4.5% increase in household disposable income in the first quarter of the year.
There is further proof of households’ willingness to spend in the gifting index that shows spending on big-ticket items will increase to a 15-year high this year.
However, £17.5 billion is wasted every year on gifts that many are not confident the recipient will like.
Declan Byrne, managing director at One4all, said: ‘It’s interesting to see that consumer confidence is growing to the extent that we are not only investing in ourselves, but other people.
‘It’s fantastic that people are starting to feel like they can spend again – and even better to see that being played out in our generosity as a nation.’
Although more gifts are being given, half of people feel they are the ‘great ungifted’, buying more presents for others than they receive.
Those living in Aberdeen and Belfast are the most generous gift givers, spending £896 and £886 a year respectively. Those in Edinburgh, Nottingham and Oxford were the most stingy, spending £266, £285 and £283, respectively.