According to a survey released on Thursday, more than two-thirds of British adults plan to cut back on holiday spending this year as the cost of living continues to rise.
Despite having spent two Christmases under social restrictions due to the COVID-19 pandemic, three-quarters of adults are not planning a large celebration, according to an Accenture survey.
Approximately 49 per cent of those polled intended to reduce their spending on gifts, 46 per cent on eating out, and 35% on both general socializing and food and drink at home.
45 per cent of those planning to cut their Christmas spending plan to buy food from low-cost supermarkets.
“The fact that shoppers are planning to spend less on gifts this year reflects just how low the mood feels in the run up to this Christmas," Accenture's retail strategy and consulting lead Kelly Askew said.
With inflation at 10%, UK consumer confidence remains near its lowest on record, and households have been cutting back on spending.
Another survey released on Wednesday by supermarket chain Asda found that UK families were 141 pounds ($163.5) worse off in September compared to the previous year.
The Accenture data is more pessimistic than a survey released on Monday by market researcher Kantar, which found that half of Britons plan to spend less money on Christmas this year.
Tesco, Britain's largest retailer, stated earlier this month that Britons would still want to celebrate Christmas, but would do so in a more cost-effective manner.
Customers will also encounter a tighter contraction in 2023, after finance minister Jeremy Hunt scrapped tax cuts planned by former Prime Minister Liz Truss and scaled back her massive energy support scheme for households.
(Source:www.davidscourse.com)
Despite having spent two Christmases under social restrictions due to the COVID-19 pandemic, three-quarters of adults are not planning a large celebration, according to an Accenture survey.
Approximately 49 per cent of those polled intended to reduce their spending on gifts, 46 per cent on eating out, and 35% on both general socializing and food and drink at home.
45 per cent of those planning to cut their Christmas spending plan to buy food from low-cost supermarkets.
“The fact that shoppers are planning to spend less on gifts this year reflects just how low the mood feels in the run up to this Christmas," Accenture's retail strategy and consulting lead Kelly Askew said.
With inflation at 10%, UK consumer confidence remains near its lowest on record, and households have been cutting back on spending.
Another survey released on Wednesday by supermarket chain Asda found that UK families were 141 pounds ($163.5) worse off in September compared to the previous year.
The Accenture data is more pessimistic than a survey released on Monday by market researcher Kantar, which found that half of Britons plan to spend less money on Christmas this year.
Tesco, Britain's largest retailer, stated earlier this month that Britons would still want to celebrate Christmas, but would do so in a more cost-effective manner.
Customers will also encounter a tighter contraction in 2023, after finance minister Jeremy Hunt scrapped tax cuts planned by former Prime Minister Liz Truss and scaled back her massive energy support scheme for households.
(Source:www.davidscourse.com)
