Almost two thirds of UK adults are planning to cut back on spending this Christmas, according to latest research from Accenture, which is significantly more pessimistic than other recent surveys.
Britons are looking to reduce their spending on presents, on eating out and on food and drink at home due to worries about the cost of living, said information technology and services group Accenture, whose survey data came from YouGov.
Its survey also found that more than half of UK adults were not planning to take advantage of discounts on Black Friday, Cyber Monday or Boxing Day.
Surveys published last month by Deloitte and PwC were more optimistic, with both saying about one third of Britons planned to spend less this Christmas.
Despite UK households having to deal with the biggest two-year fall in living standards since comparable records started in the 1950s, consumer demand has generally held up so far this year.
Warm Weather
Official data published last month showed British retail sales volumes fell more than expected in September, partly because unseasonably warm weather reduced sales of autumn-wear clothing.
However, clothing retailer Next said last week the return of typical autumn weather from mid-October had seen sales spike. It has forecast that sales will increase 2% year-on-year in the Christmas quarter.
Tesco, Britain's biggest retailer, and rival supermarket group Sainsbury's have both expressed optimism about their Christmas prospects.
Also, in anticipation of robust trading, food and clothing retailer Marks & Spencer is hiring more temporary workers for the festive season than last year.
In the United States, holiday sales in 2023 are expected to rise at the slowest pace in five years, data from the National Retail Federation (NRF) showed last week.
