6 in 10 Britons will spend less at Christmas, survey says
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Britons are planning to spend less for the holidays as soaring prices dampen Christmas enthusiasm.
PHOTO: AFP
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LONDON – Six in ten Britons believe they will have less money to spend over the Christmas period this year than in 2021, according to a survey published on Monday, adding to evidence that a thrifty festive season beckons.
The survey from Deloitte found that 38 per cent of British consumers plan to switch to cheaper brands or stores to seek out gifts. For Christmas Day dinner, 35 per cent plan to do at least part of their shopping at a discount supermarket.
The poll also found that 11 per cent intend to purchase gifts either second-hand or through reselling platforms, while 8 per cent plan to buy none at all.
“Consumers are entering the festive season with budgets under more pressure this year, and it is not surprising that almost all are considering affordability and adapting their typical Christmas spending habits in one way or another,” said Mr Oliver Vernon-Harcourt, head of retail at Deloitte.
With inflation at a 40-year high
They also face the prospect of even tighter budgets in 2023 after new Prime Minister Rishi Sunak indicated that there will be a squeeze on public spending and potentially higher taxes.
According to Deloitte’s data, 54 per cent of consumers intend to shop for Christmas in November, which includes the Black Friday discount day on Nov 25, and the first two weeks of December.
British supermarket group Sainsbury’s said last week that cash-strapped consumers were spreading the cost of Christmas by shopping earlier than usual, while department store group John Lewis launched its Black Friday event as early as Nov 4.
Deloitte’s findings chimed with surveys in October from Kantar and Accenture, which both showed Britons planning to cut festive spending in 2022. REUTERS
