Will you celebrate New Year with a ‘big night in’

Some 73% of people surveyed by Post Office Money Home Insurance expect to welcome 2016 from the comfort of their own home or that of a friend or relative.

This percentage equates to 37 million people across the UK spending the night in.

But those who plan to spend the night indoors will not necessarily be saving money, compared with if they had ventured out.

People planning to host a dinner for their loved ones on the big night expect to spend £116 on average, while those who plan to head to a restaurant, pub or a nightclub expect to spend slightly less, at £96 typically.

Meanwhile, people planning to hold a house party expected the bill to come to £50 on average.

But one in 10 (10%) party hosts said their home was damaged by a new year’s party last year, which could push the expected cost higher. The most common mishaps were food and drink ending up on the carpet, broken crockery and damaged furniture or technology.

Rob Clarkson, managing director of Post Office Money Insurance, said: “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 10 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.”

While many people may be waking up with a financial hangover on New Year’s Day, a thrifty 12% of people surveyed said they will not spend any money at all on seeing in 2016.

And one in seven (14%) people across the survey said they will see in the new year alone.

The average amount people plan to spend on the night this year is £54 per person, which is slightly up from a typical spend of £47 in 2014.

Thirtysomethings were found to be the biggest spenders, with this age group expecting to splash out £84 each on average.

There were also wide variations across the country, with people in London planning to spend an average of £110 per person, while those in the North West of England plan to keep the tightest rein on their finances, spending £34 each, the survey of more than 2,000 people found.

In Scotland, people plan to spend £50 typically seeing in the new year, while in Wales the average expected spend is £38 and in Northern Ireland it is £61.