By Joshua Robinson – 

The latest research by finance experts, RIFT, has revealed that some popular gift ideas have climbed in price by as much as 15% compared to last Christmas, while their research also shows that the cost of a Christmas dinner has climbed by 9% since last year.

RIFT analysed data from the Office for National Statistics, looking at the current cost of 101 popular Christmas gifts and how their cost has changed since last Christmas. RIFT also looked at the cost of a traditional Christmas dinner to determine changes in prices.

Christmas Gifts This Year:

The research shows that clothing items are more expensive this Christmas, accounting for the top 10 largest increases in price.

Everything from girl’s trousers, kid’s jumpers and trainers, women’s cardigans, girl’s leggings, men’s jackets, boy’s t-shirts, kid’s pyjamas, and baby grows have seen increases of between 10% and 22% in price.

Large chocolate bars have also seen a price increase of 10% since last Christmas, as have golf balls. Best-selling books are up by 9%, while theatre tickets, mascara, and silver earrings have climbed by 8%.

Other popular gifts on the list include:

• Power drills (+7%)
• Deodorants (+7%)
• Adult craft hobby kits (+6%)
• Houseplants (+6%)
• Fashion necklaces (+5%)
• Men’s ties (+5%)
• Cream liqueurs such as Baileys (+5%)
• Children’s sit and ride toys (+4%)
• Men’s watches (+4%)
• Socks (+4%)
• Jigsaws (+4%)

AA batteries will also cost 8% more when compared to last Christmas, although another Christmas essential, wrapping paper, has only seen a 1% price hike.

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Christmas Dinner Up 9%:

RIFT analysed the cost of the traditional Christmas dinner, for an average of four people, consisting of turkey, roast potatoes, carrots, brussel sprouts, parsnips, stuffing, and Christmas pudding.

The research shows that in total, a Christmas dinner will set people back £25.61 this year. That’s an increase of 9% or £2.02 when compared to last Christmas.

Both the cost of parsnips and a turkey have climbed by 10% annually, although this equates to an increase of just six pence for parsnips, while a turkey will cost £1.45 more this year.

Alternatively, a beef roasting joint has increased by 8% since last Christmas and while it still costs an average of £12.68, it makes it a potential alternative for those looking to save money this Christmas.

Potatoes (+9%), carrots (+8%), Christmas pudding (+7%), stuffing (+6%), and sprouts (+2%) are also more expensive this Christmas compared to last – adding an extra £0.52p to the cost of a Christmas dinner.

Moreover, beer (+10.9%), champagne (+9.5%), and wine (+8%) have also seen an increase in cost when compared to last Christmas, with a crate of beer now costing £1.27 more, a bottle of wine costing £0.58p more, and a bottle of champagne seeing an increase of £2.92.

RIFT:

Bradley Post, MD of RIFT, commented: “The high cost of living continues to linger like the proverbial lump of coal at Christmas and, unfortunately, we’re facing yet another festive season of higher costs both when it comes to the gifts we place under the tree and the items we place on the table.”

“While this increased cost may only amount to a few pence on some items, it all adds up when you consider the increased spend that comes at this time of year and many shoppers probably won’t notice the difference until they get to the checkout.”

Bradley Post added: “For those worried about how they are going to make ends meet, a strategic shopping list could help.”

“It may be that some sought after gifts are better left until next year, or you could look to cut costs by opting to break with the traditional turkey and opt for beef instead.”