UK: Consumers to cut Christmas spending by GBP792m
UK households are expected to spend GBP792m (US$1.2bn) less on Christmas than they did in 2011, with spending forecast to be down 3.46%, according to a recent YouGov Sixth Sense report.
Consumers are still expected to spend approximately GBP22bn on gifts, cards, decorations and food and drink this holiday season.
According to the report, the average UK household will spend GBP835 on celebrating Christmas this year. This is down slightly from last year, when the average household spend was GBP865.
The biggest expense will be gifts for friends and family at GBP634, with the top categories of Christmas gifts for UK consumers being books, clothing and music/DVDs. Consumers will spend GBP161 on food, and GBP40 on decorations.
"Considering the on-going economic uncertainty, it is no surprise that UK households are scaling back their Christmas spending this year," said YouGov SixthSense research director James McCoy.
"That aside, they are still set to spend GBP22bn on gifts, decorations, and food and drink, which is a pretty remarkable sum and shows that Brits are determined not to let the recession dampen their Christmas celebrations too much. One interesting finding of this report that will likely be of concern to grocery retailers is that households are expected to scale back their food and drink spend by nearly 9% from last year."
- Levi Strauss raises the bar on sustainability
- Nike reaffirms US production commitment
- Gap and H&M back Myanmar path to labour reform
- H&M faces margin pressure on dollar impact
- Can the Gap brand reclaim its iconic status?
- Myanmar minimum wage set at US$3.2 per day
- Far Eastern to invest $323m in Vietnam textile hub
- Fast Retailing supplier continues strike talks
- China cotton stockpile auction may shake up market
- Under Armour unveils newest retail presence
- Global market review of lingerie - forecasts to 2020
- World Textile and Apparel Trade and Production Trends: The EU - May 2015
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Myanmar's Garment Sector - Opportunities & Challenges in 2015