Take a 3-5 gallon (12-20 liter) bucket (spend money or not depending on your available used bucket sources and how parsimonious you are or are not. A previously used one is fine. A new one is fine on all fronts except you'll be cutting a hole in the bottom of a perfectly good new bucket you paid for.)
Cut a hole in the bottom large enough to pass the whole spigot through. Drill 3 holes around the edges of the bucket bottom, and drill matching holes for screw anchors in the wall. Slip the bucket over the spigot and screw it to the wall.
It will also serve as a place to coil your hose on, if you like. You could also build stub walls on either side of the spigot to protect it instead, but that's a good deal more trouble and expense.