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Would you tell your loved ones how much you spent on them for Christmas?
While most people normally don't have a problem with telling their colleagues how much (or, rather, how little) they are spending on them for their secret Santa gift, when it comes to family and close friends it has typically been a different story. After all, who wants to admit to their partner that the Paul Smith shirt you bought them isn't from Selfridges but was actually a cheapo bargain from TK Maxx (especially if the present they got you really is from Selfridges, and the gift receipt proves it)?
But this year, if there is one good thing the credit crunch has done, it has made us all a bit more honest and open about how much we are prepared to splash out on Christmas presents, according to the Halifax.
The bank's latest research shows that more than 30% of Brits have agreed a "spending cap" with friends and family to make sure everyone spends the same amount on each other. While 70% of shoppers said they negotiated a cap with family members in order to reduce the amount they spend on presents, nearly 60% have agreed a spending limit "because it saved the worry of knowing how much to spend."
"When it comes to buying gifts for your family and loved ones, you never really want them to know how much you have spent on them," a spokesman for the bank said. "It has always been a bit taboo to talk about how much gifts cost, but it can be really embarrassing if you realise that someone has spent loads on your gift but you have not on theirs, or vice versa.
"Also, in the current economic climate, it makes sense to discuss how much you can afford to spend and agree a limit with each other."
On average, Brits are prepared to spend around £33 on gifts for each family member - only 12% of shoppers say they will spend £100 a person.
Almost 50% of people say they will be spending less on their families overall, while 22% say they will spend less on their friends and colleagues so they can have a little bit extra to spend on their family instead.
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