Six in ten plan to spend the same this Christmas as last, despite cost of living crisis
More than six in ten shoppers think their budget for Christmas will be the same as last year, even though household finances are being squeezed.
A survey by retail analysts at NielsenIQ showed 63% were planning to spend the equivalent amount as they did in 2021 on food and drink (including dining out), gifts, and travel.
But just 10% predict they will fork out more this Christmas and 27% expect to reduce their expenditure – suggesting the cost of living crisis is influencing shoppers.
Alwyn Venter, senior commercial business partner at NielsenIQ, said: “The majority do not want to give up the usual traditions and spoil themselves and their loved ones with gifts and good food.
“At the same time, the budget for the festive season has remained the same or even decreased for most people.”
“Consumers are aware of how important it is, therefore, to make the most of their budget, for example by shopping early and taking advantage of special offers.”
The survey of 1,000 people, carried out in September, also found cheese, bread and chocolate were the top three food categories to buy this Christmas.
54% of those questioned said that emotional aspects of Christmas, like celebrating with family and friends, are very important.
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The study is in contrast to a recent survey of 24,000 consumers across Europe about their financial situation, with six in ten changing how they spend money, including cutting back on meals out.
That’s been influenced by higher energy and food costs which have tipped UK inflation to 11.1% – its highest level since 1981.
