Stay Out of Debt This Holiday Season With These Handy Tips
Michael Hemsworth — December 21, 2012 — Special
References: co-operative.coop & visual.ly
The holiday season is expensive, which is why these frugal Christmas spending stats will help you follow suit and stay debt-free.
Within the UK, residents spend an average of about $50 on each of their parents with those who live in the north spending significantly higher. Many Brits are saving a little money this holiday season by cutting down on nights out, not exchanging gifts with colleagues, not buying premium gifts and keeping it casual with alcohol consumption. Surprisingly, 59% of those surveyed will purchase all their Christmas gifts with cash, while 39% will be relying strictly on credit to make it through the season.
For holiday meals, 77% will be opting for turkey because of the special pricing that occurs this time of year, while 12% will be having beef and 10% having some lean chicken.
Within the UK, residents spend an average of about $50 on each of their parents with those who live in the north spending significantly higher. Many Brits are saving a little money this holiday season by cutting down on nights out, not exchanging gifts with colleagues, not buying premium gifts and keeping it casual with alcohol consumption. Surprisingly, 59% of those surveyed will purchase all their Christmas gifts with cash, while 39% will be relying strictly on credit to make it through the season.
For holiday meals, 77% will be opting for turkey because of the special pricing that occurs this time of year, while 12% will be having beef and 10% having some lean chicken.
Trend Themes
1. Frugal Christmas Spending - Disruptive innovation opportunity: Develop cost-effective alternatives to traditional holiday gifts and encourage cash-based transactions.
2. Reduced Spending on Nights Out - Disruptive innovation opportunity: Create affordable and creative alternative activities to replace expensive nights out during the holiday season.
3. Preference for Special Priced Holiday Meals - Disruptive innovation opportunity: Introduce innovative meal options and promotions that cater to the desire for budget-friendly holiday meals featuring discounted items.
Industry Implications
1. Retail - Disruptive innovation opportunity: Offer unique, budget-friendly products and services tailored to frugal Christmas spending and cash-based transactions.
2. Hospitality - Disruptive innovation opportunity: Develop affordable holiday experiences and dining options that attract customers seeking alternatives to expensive nights out.
3. Food and Beverage - Disruptive innovation opportunity: Create innovative, budget-friendly meal options and promotional campaigns that align with the preference for special priced holiday meals.
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