7% drop in Christmas spending this year

The results of a recent survey have suggested that Christmas spending overall could fall by a total of 7 percent throughout the UK this year, as many consumers continue to tighten their belts and try and cut back on their Christmas spending in order to weather the poor financial conditions that have been ongoing over the course of the year.

Officials from Deloitte, which carried out the survey, have said that this year Christmas is going to be one of the toughest that retailers have had to face for many years, with consumers too way to splash over the festive season even though many retailers have slashed the cost of goods by up to 75 percent in some cases.

Richard Hyman, strategic advisor to the retail practice at Deloitte, said: “I think the main headline is this is worst Christmas for a generation. But as a nation we’ll be spending £36bn so it’s not a total disaster. Broadly speaking, we believe sales will be flat this Christmas, with a slight fall possible.”

Worryingly many 16 to 24 year olds are planning to spend and then worry about the cost of Christmas later. One official said: “This age group has grown up in an affluent society with technology products and designer wear, are comfortable with debt, and have never been in a recession. Their high propensity to spend represents an opportunity for those retailers targeting younger customers.”