Bank |

Brits plan to spend £8.5 billion* on Christmas presents

Brits are planning to spend an average of £325 per household on Christmas presents this year, according to new research from Tesco Bank Home Insurance, with one in ten planning to spend over £600 on gifts for their friends and loved ones.

For 58%, the shopping has already begun in earnest with people stockpiling gifts since the beginning of November.

Gary Davess, Director of General Insurance at Tesco Bank warns, 

“This is the time of the year when people are inadvertently increasing the value of their home contents with expensive presents hidden away which is why we apply an automatic uplift of cover for our customers.  In addition, 37% of people are expecting to be away from home for at least one night during the festive period.  This means that homes could become tempting targets for burglars.  We urge people to make sure their properties are as secure as possible and that they have adequate home contents cover.”

Tesco Home Insurance applies an automatic, month-long uplift to the value of home contents covered on its Finest and Standard Home Insurance policies, at no extra cost.

  • Customers with Finest Home Insurance receive an automatic 20% increase in contents cover for gifts, extra food and beverages bought for Christmas.
  • Customers with Standard Home Insurance receive an automatic 10% uplift in contents cover for gifts, extra food and beverages bought for Christmas.

This automatic increase applies to all religious festivals that take place throughout the year.

Plus, new customers with a Clubcard can also save up to 50% discount on their home insurance.**

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors: 

Tesco Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

* ONS – Total number of UK households 26,355,000. Calculation: £325 x 26,355,000 = £8,565,375,000.

**At least 10% of Clubcard customers will achieve the maximum 50% discount. Discount includes an introductory discount (from the full price premium which is currently charged to customers in year 3) plus an additional Clubcard discount.  Discount for home applies to buildings and/or contents cover.

Terms and Conditions:
The cover increase is provided under the religious festival increase feature under which the maximum claim limit is increased by the amount shown in the customer’s policy schedule (20% for Finest, 10% for Standard) during the month of the customer’s religious festival to cover gifts and extra drink and food brought for the religious festival.

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

For more information about Tesco home insurance products, visit www.tescobank.com.

You may also like