Austerity bites as majority plan to stay in this New Year’s Eve

THE majority of Brits are planning to stay in with friends and family this New Year’s Eve rather than going out to celebrate, according to research from Halifax.

An online survey revealed that only 15 per cent are planning on going out with friends and family to celebrate on December 31, with more than half (53pc) opting to stay in.

In 2010, more than a quarter (26pc) of 25 to 34 year olds ventured out, while not even one fifth (17pc) are considering it this year.

But there are some clear regional and age differences. Those is the West Midlands are most likely to have a night on the town this year, with just over a fifth (21pc) planning to go out. People in Northern Ireland, on the other hand, are the most likely to stay in with friends or family (60pc).

37pc of those aged 18 to 24 will be going out, compared to only 11pc of those aged 55 and over.

Part of the decreased appetite for heading out, says Halifax, is down to the ‘New Year’s Eve Premium’, with many knowing they will have to pay more for their products and services. On a normal night out, 25 to 34 year-olds expect to spend on average �55.89, jumping to �63.91 at New Year’s Eve. Those going out in Northern Ireland expect to spend the most (�66.24), while those in the South West expect to spend the least (�41.50).

The two biggest expenses for those who do go out at New Year’s Eve are dinner (11pc) and drinks (21pc). Those in the East of England (19pc) and aged 25 to 34 (23pc) are most likely to spend money on dinner.

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Halifax Personal Current Account director, Anthony Warrington, said: “It seems most people across the UK are opting to stay in this New Year’s Eve and avoiding the premium placed on the night compared to other nights out.

“We have seen a trend of paying down debts this year and it is unsurprising many don’t want to break the habit on December 31 and enjoy an alternative New Year’s Eve with their friends and family indoors.”