New research from O2 Recycle reveals one in four Brits blew their Christmas budget, with over 11 million spending more than they had planned to. The findings highlight an average overspend of £198 per adult on buying presents, going out and food1, amounting to an estimated total of £2.3billion.
The survey of more than 2,000 adults by O2, suggests that Christmas cheer has faded fast as Brits tighten their purse strings. With more than a third (38%) expecting to run out of money before the end of January, many are cutting back. Of these, almost half (46%) plan to stay in rather than socialise with friends and 42 per cent reveal they will cut back on their food bills.
The research from O2 also points to a generational divide when it comes to splurging, with one in three (33%) 18-34 year olds confessing to overspending, more than double those of aged 65 years plus. Youngsters are also the biggest budget blunderers and most likely to need the extra cash as 25-34 year olds overspent £320 more than planned.
But it’s not all bad news. Brits could be sitting on a solution with more than two thirds of people receiving at least one unwanted gift this Christmas2. However, just 7% are considering selling a gadget that they received suggesting that many are missing out on potential money making opportunities.
In addition, despite potentially earning an estimated £85 for gadgets recycled, many are missing out on services, such as O2 Recycle, to make some cash quickly. With just 8% of consumers considering recycling their unwanted gadget gifts, O2 Recycle is urging people to make the most of this opportunity to make some extra cash this month.
Chris Gamlin, O2 Recycle, says; ‘We know that Christmas can be an expensive time for people but millions could be cashing in on their unwanted gadget gifts rather than missing out this month. O2 Recycle offers recycling of a range of gadgets and those recycling mobile phones can also take advantage of its price match guarantee, which ensures consumers get the best price possible. For those needing cash in a hurry payment can be made within 48 hours.’
‘In addition to benefitting from cash in their pockets, O2 Recycle customers are also helping the environment and supporting a number of good causes. O2 Recycle is a not-for-profit initiative with any money made donated to O2’s Think Big programme which enables young people around the country to have a positive impact in their communities.’
TV presenter Suzi Perry said; ‘We’ve all got gadgets lying around that we no longer want or use ‘ I know I have two lying in a drawer somewhere. So even if you are recycling a gadget that you received as a Christmas present you can make the most of its value by using a recycling service, such as O2 Recycle, to quickly and simply get the cash back in January.’