80% of Brits have reduced their Christmas spendings amid COVID-19, says Investing.com

By Megha Bhattacharya

New data from uk.Investing.com has revealed that 80% of Brits have decreased their Christmas spending this year amidst the COVID-19 pandemic. Around 64% of Brits have reported that the pandemic has caused financial loss with 23% describing their loss as “serious” and 41% as “minor.” 58% reported losses of less than £25,000, including 42% under £10,000, and only 7% experienced a loss of more than £25,000.

Investing.com, founded in 2007, is a financial markets platform that offers real-time data, quotes, charts, financial tools and much more across 250 exchanges worldwide. It offers unlimited access to financial market tools such as customized portfolios, personal alerts, calendars, calculators, and financial insights.

“The upcoming holiday season will likely be very different for families across the UK when compared to previous years,” said Jesse Cohen, senior analyst at uk.Investing.com. “Not only will holiday gatherings be smaller, but the economic impact of the COVID-19 pandemic will mean that holiday shopping and spending on gifts is out of reach for many Britons this year.”

The survey included around 2,147 respondents and explored effects of the pandemic on personal finance.

The report also revealed that around 35% of Brits would currently pay off a £1,000 bill for an emergency from their savings. Rather than spending from their savings for emergency expenses, other respondents said they would take on some form of debt — 18% would finance the bill with a credit card and pay it off over time, 16% would borrow from friends or family, and 6% would take out a personal loan or reduce spending on other things (15%).