Consumers ‘prepare for Christmas cutbacks’

People intend to spend less this Christmas than last, according to a new YouGov SixthSense report.

Consumers ‘prepare for Christmas cutbacks’

The survey found that while 14% of UK consumers who celebrate Christmas will fork out more on Yuletide festivities than they did last year, almost one in four expects to spend less.

The report says that 36% expect to spend anything between £100 and £249 on gifts for friends and family, while 30% intend to spend between £250 and £499.

Forty-six per cent think they will shell out between £100 and £249 on food and drink for consumption at home, while another 36% are budgeting to stay under the £100 mark.

People are also wary of spending large amounts on Christmas-specific items. Seven in 10 hope to pay less than £50 combined on cards, a Christmas tree and decorations this holiday season.

The YouGov/Bloomberg Household Economic Activity Tracker has also revealed that consumers are currently unwilling to loosen the purse strings for big-ticket items.

When asked, “Compared to one month ago [September], is now [October] generally a worse time or a better time to make major purchases?”, 37% of respondents said they were in a worse position, with only 6% saying they were in a better position.

The survey was carried out this month amongst almost 2,300 UK adults.

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