A recent survey conducted by Perkbox, the global rewards and benefits platform, has unveiled that almost half of the UK workforce, accounting for 47 percent, is planning to finance their Christmas festivities through debt this year.
The study, which included responses from over 2,000 UK workers, highlights the impact of the escalating cost of living, with 21 percent of respondents expressing the expectation of a less magical Christmas season.
As financial pressures persist, workers are turning to their employers for assistance in alleviating the holiday burden. Surprisingly, only 14 percent of respondents believe their employers have sufficient tools in place to help them enjoy the upcoming Christmas festivities, indicating a potential gap in current support offerings.
Christmas Assistance from Employers
Interestingly, for those with access to rewards and benefits platforms, 23 percent reported that their employers are actively helping them enjoy the holiday season. Proprietary data from Perkbox’s platform, with over 80,000 users, revealed a 27 percent increase in usage during Black Friday promotions, a significant weekend for kickstarting Christmas shopping.
Doug Butler, CEO of Perkbox, commented on the findings, stating, “The holiday season provides workers a moment to catch their breaths, celebrate, and spend time with family and friends. Unfortunately, this year workers are being squeezed by the cost-of-living crisis and expect to dedicate a bigger slice of their pay towards day-to-day necessities, leaving less for traditional holiday giving.”
What about beyond Christmas?
The data from Perkbox also highlighted a broader trend of workers relying on employer-funded discounts to support their weekly food shops. Comparing data between January 2023 and November 2023 for Aldi, Tesco, and Sainsbury’s, Perkbox observed significant increases in redemptions for each supermarket.
Butler urged businesses to take the holiday period as a catalyst for implementing initiatives and structures to support their workforces year-round. He emphasised that workers appreciate employer-funded support, especially concerning necessities such as weekly food shops.
In response to these challenges, Perkbox has enhanced its discount offerings across numerous retailers to help ease the burden on UK workers. Building on the success of ‘Super Saver Week’ promotions, Perkbox aims to help employees save money, with the average user potentially enjoying savings of at least £200 on their annual food bill through Perkbox discounts.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
