Britons budgeting for new year
Published On 27 December 2007
People in the UK will be holding back on their spending this New Year's Eve following Christmas excesses.Research carried out by Fool found that a third of Britons will be ringing in 2008 at home, rather than heading out to expensive restaurants and bars.
On average, revellers will spend just £30, sacrificing pricey Champagne and other treats for the sake of their bank balances.
Just two per cent of people surveyed said they were going out for a night on the tiles, while 73 per cent will be welcoming the new year in a private home with friends or loved ones.
"With the average adult spending £419 on Christmas presents, money may be thin on the ground by the time December 31st arrives," said David Kuo from the finance site.
"Therefore it's commendable that we're showing restraint on an evening that is essentially an annual blow-out."
A study from Sainsbury's Bank estimated that Britons would blow more than £11 billion on last minute gifts and provisions in the last week before Christmas.
