The period between Christmas Day and January 5 will see people spending money on food, drinks, pub visits, eating out, travel, visits to family and sales shopping, according to a survey conducted by First Direct bank.
Its research found that the majority of families will not have budgeted for the post-Christmas expense, which is nearly as much as the average £750 spent on gifts, decorations and food in the run-up to Christmas Day.
The report, compiled from a survey of more than 2,000 people as well as existing consumer spending data, found that the average family spends £642 after Christmas – the equivalent of more than 40 medium-sized turkeys.
That total includes £195 on eating out, £121 on travel and visiting family, £120 on sales shopping, £109 on food and £97 on drinks and trips to the pub.
First Direct’s expenditure findings came as Leeds-based supermarket Asda celebrated victory in the battle to offer the nation’s best value basket of Christmas shopping.
In a festive mystery shop of 33 items carried out by The Grocer magazine, Asda came in £9.44 cheaper than second-placed Tesco. Asda president and chief executive Andy Clarke said: “Despite tempting gimmicks, at a time when budgets are stretched, [customers] can be assured their big Christmas shop will cost less at Asda.”