Two thirds of Britons to spend less this Christmas - Accenture
Reuters
Published Nov 06, 2023 00:06
LONDON (Reuters) - Almost two thirds of UK adults are planning to cut back on spending this Christmas, according to research from Accenture (NYSE:ACN), published on Monday, 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 (LON:YOU).
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.
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 (LON:TSCO), 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.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.