- Big night in trend continues with three out of four UK adults (73 per cent) opting to stay home
- ….with one in seven of us (14 per cent) spending the evening alone
- For those entertaining, damages from house parties will add £143 to cost of the evening
- Thirtysomethings are set to be the biggest New Year’s Eve spenders
Three-quarters of UK adults (37 million) expect to welcome 2016 in from the comfort of either their own home or that of friend or family member, according to Post Office Money Home Insurance’s annual New Year’s Eve report.
Drilling down on the UK’s ‘Big Night In’: one in four (24 per cent) are set to spend a cosy night in with their partner, while seven per cent will either host or attend a dinner party. A similar amount will be seeing in the New Year at a house party (seven per cent). One in seven (14 per cent) will opt out of socialising altogether, seeing in the New Year solo.
Those looking to host a dinner are set to spend £116, whilst those holding a house party will fork out £50, this compares to those heading out to a pub, restaurant, or nightclub who will spend £96 on average.
With one in ten party hosts (10 per cent) experiencing damage to their home at a New Year’s party last year, the real cost of staying in is significantly higher than heading out. The average cost of the various breakages set party hosts back an additional £143.
The most common mishaps last New Year’s Eve were spilled food or drink on the carpet (59 per cent), broken crockery (41 per cent), and damaged furniture or technology (49 per cent).
Rob Clarkson, Managing Director Post Office Money Insurance said: “This year 37 million people across the UK are opting to celebrate New Year’s Eve at their own or a friend or family’s home. Although for many it will be anything but a ‘quiet night in’. People might think staying in will save them money, but in many cases quite the opposite is true, particularly if you’re having friends and family round.
“Celebrating at home isn’t without risks. Our research has shown damages can be significantly more than your average night out would cost. Any homeowners or renters considering hosting a party should be sure that they are properly covered for accidental damage to avoid starting 2016 facing a hefty repair bill. We know that one in ten people who don't want to host a party are put off over concerns about breakages and damage on the night, and having adequate insurance will help to mitigate those risks.”
Overall, the average spend on New Year’s Eve celebrations is set to be £54 per person, up from last year’s £47. The biggest spenders are those in their thirties, who expect to spend an average of £84 each, whilst a thrifty 12 per cent of the population will not spend anything to celebrate seeing in 2016.
Londoners will spend the most, at an average of £110 per person, with those in the North West keeping the tightest reign on their finances, spending significantly less at £34 each.
Following the excesses of Christmas, many will try to reign in their spending – with ten per cent saying their plans are determined by what they can afford. Others will follow the lead of their families (26 per cent) and friends (8 per cent). As with previous years, the biggest determining factor was personal preference – with 29 per cent saying this is how they make their plans.
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