According to Post Office Home Insurance after a summer of celebrating the Queen's Diamond Jubilee and the Olympics, it seems most people are looking forward to staying indoors this New Year's Eve. Over half (56 per cent) are choosing to spend a quiet night in on their own or with their family while one in six (16 per cent) are planning to go to a friend's house or host their own party at home.
People celebrating the New Year expect to spend an average of £59 compared to £55 last year. Entertaining at home proves the more costly choice with dinner party hosts planning to spend £88, and those holding house parties anticipating costs will hit £100.
Those going out on the town think it will set them back £76. Londoners face the biggest bill for celebrating, with the average spend on New Year's Eve expected to reach £85, compared to £50 in the East Midlands.
Paul Havenhand, head of insurance at the Post Office, said: "The traditional 'big night out' steps aside for a 'quiet night in' with many people opting to stay indoors to avoid the crowds, the cold weather and save a bit of money on New Year's Eve. However, if you are hosting a party at home, our research shows it can be a slightly more costly way of bringing in the New Year with bills mounting up for food, drink and entertainment."
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The research also shows, almost a third (31 per cent) of people are put off holding a party at home because they are worried about the damage it might cause to furniture, carpets and personal possessions.
Revellers in the North East are most likely (44 per cent) to be put off hosting a New Year's Eve celebration for fear of the damage that might be caused, while party-goers in the East Midlands (21 per cent) are most relaxed about this.