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More people planning big night in

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New research has shown money constraints are forcing people to celebrate New Year indoors, rather than a big night out like in previous years.

According to the Post Office Home Insurance New Year survey, around 74% of revellers will stay home this year, compared with the 72% who were planning to keep it quiet in 2010.

The poll further showed rising costs were a crucial factor for 14% of people, affecting their plans for New Year partying.

But the research suggested that those choosing to party at home might still end up spending an average of £95 on food and alcohol - amounting to double the £48 average spend for those planning on heading out to celebrate.

Those having a gathering round at their house should ensure their home insurance policy is fully up to date, to account for any mishaps which may come as a result of over zealous partying.

Post Office head of home insurance, Gerry Barrett, said: "New Year's Eve can end up being a costly night, and as our research shows bizarrely, it can be even more costly for those who plan to stay in."

© Press Association 2011