41% will cut Christmas spending, says Mintel

Christmas retail sales this year will stagnate, showing 0% growth – a marked contrast to the average 5% growth in seasonal spending seen each year since the start of the millennium.

41% will cut Christmas spending, says Mintel

A new report from Mintel says that 41% of people will spend less this Christmas than they did last – almost twice the number who said the same thing in 2007.

Just 20% say they will still splash out at Christmas, a significant drop on last year’s 32%.

“The slowdown in retail sales is taking a long time to develop,” notes director of retail and financial research at Mintel, Richard Perks, “but is now starting to take hold.

“As a result, many retailers will be looking for ways to encourage people to part with their cash, and so we’re likely to see discounting and end-of-year sales start before Christmas.”

Mintel says it is not all bad news: one sector is still relatively buoyant, with younger Brits much less concerned about their Christmas spending budgets than the older generations.

Check Also

Lakeland team to speak at BHETA webinar

BHETA is to hold another of its retailer networking webinars, this time with Lakeland. The …