Retail

Two-Thirds Of UK Shoppers To Cut Festive Spending This Year

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Over two-thirds of British adults are planning to cut back on festive spending this year due to a worsening cost-of-living crisis, according to a survey published on Thursday.

Despite enduring two Christmases under social restrictions linked to the COVID-19 pandemic, three quarters of adults are not planning a big celebration, the survey by Accenture showed.

About 49% of those surveyed were looking to cut back on gifts, 46% on eating out, and 35% on both general socialising and food and drink at home.

Of those planning to reduce spending this Christmas, 45% plan to buy food from budget-friendly supermarkets.

Consumer Confidence

With inflation running at 10%, UK consumer confidence remains close to its gloomiest on record and households have been reining in spending.

Another survey by supermarket group Asda on Wednesday showed UK families were £141 (€162.6) worse off in September year-on-year.

The Accenture data is more pessimistic than a survey published by market researcher Kantar on Monday which said half of Britons plan to spend less on Christmas this year.

Tesco, Britain's biggest retailer, said earlier this month that Britons would still want to celebrate Christmas but would seek to do it in a more affordable way.

Consumers also face the prospect of a tighter squeeze in 2023 after finance minister Jeremy Hunt scrapped tax cuts that were previously planned by former Prime Minister Liz Truss, and scaled back her vast energy support scheme for households.

News by Reuters, edited by ESM. For more retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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