The average Briton will spend a total of £1,371 in the six weeks before Christmas, according to a new poll, despite a third of people saying they feel financially worse off this year.
Present-buying specifically is expected to equate to about £443 per household this winter, with spending on food and drink contributing an additional £316 per household – both those figures are up from last year.
Additional money going toward that £1,300-plus total includes travel, pre-Christmas outings with work or family, paying for holidays and other associated spending.
The figures, from a 2,000-person survey by GlobalData for Vouchercodes, also show that only 9.8 per cent – fewer than one in ten – say they feel “significantly better off” when it comes to money this year.
It also showed that more than one in five (21 per cent) plan to dip into their savings for Christmas-related spending, while a similar number (20 per cent) expect to use a credit card for it. In total, Brits are expected to shell out £91.1bn across the six-week period.
It comes as the latest retail data from the Office for National Statistics (ONS) shows retail sales volumes in the UK unexpectedly rose by 0.5 per cent in September, despite earlier predictions of a fall.
Allied to earlier retail data it hints at a better than expected recovery for the high street in the most recent quarter, ahead of the all-important Christmas period.
ONS senior statistician Hannah Finselbach noted retail sales “rose quite strongly in the latest quarter and were at their highest level since summer 2022. Although food stores saw very little growth, good weather in July and August boosted sales of clothing, while online retailing also did well.”
Tech sales and online jewellers also saw strong demand last month.
Aled Patchett, retail expert at Lloyds, said: “Retail sales likely received an extra boost in September from back-to-school and back-to-work purchases, and a fourth month of rising sales pointing to an encouraging underlying resilience.
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“With upcoming autumn festivities – along with Christmas – firmly in the sights of retailers, their attention is on the key end-of-year trading period.
“With shoppers continuing to prioritise value, brands are refining product lines, investing in further operational efficiency and carefully considering pricing and promotion strategies so they can maximise competitiveness while maintaining margins.”
