Two thirds to cut back on Christmas to cope with cost-of-living rises

Greater than two thirds of UK adults are planning to chop again on their spending this Christmas as a result of the price of dwelling, a survey suggests.

Regardless of spending the final two Christmases beneath social restrictions, some 75% of adults should not planning a “massive celebration” and 70% are reducing again on final yr, the ballot for Accenture discovered.

Virtually half are planning to chop again on shopping for presents (49%), consuming out (46%), normal socialising and shopping for food and drinks to devour at dwelling (each 35%).

Of these planning to cut back spending this Christmas, nearly half (45%) are planning to purchase meals from budget-friendly supermarkets.

More than two thirds of UK adults are planning to cut back on their spending this Christmas due to the cost of living, a survey suggests.
Greater than two thirds of UK adults are planning to chop again on their spending this Christmas as a result of the price of dwelling, a survey suggests.
Nicholas.T.Ansell

Simply two in 5 (39%) are planning to make the most of low cost occasions equivalent to Black Friday greater than they did final yr.

Of the minority who're planning an enormous celebration (16%), simply 38% stated they must dip into their financial savings, whereas 44% can be purchasing early or spreading the fee.

Kelly Askew, retail technique and consulting lead at Accenture, stated: “The truth that consumers are planning to spend much less on items this yr displays simply how low the temper feels within the run as much as this Christmas.

Two thirds to cut back on Christmas to cope with cost-of-living rises
Two thirds to chop again on Christmas to deal with cost-of-living rises
Peter Byrne

“As customers proceed to start out their purchasing earlier every year in a bid to unfold the fee, it’s time for retailers to get inventive with their advertising and marketing and provide ‘options’ to their clients quite than simply ‘objects’.

“Retailers also needs to look to coach customers and households, serving to them to buy economically and sustainably the place doable. Taking clear steps to help folks throughout this tough time is the precise factor to do and can encourage extra loyalty amongst customers.”

The survey additionally discovered that 80% of individuals have already made cutbacks in some type within the final six months.

Mother and father particularly look like reducing again, with 73% of these with youngsters aged 12 to 18 already making, or meaning to make, a acutely aware effort to cut back the quantity of heating they use, in contrast with 56% of respondents with out youngsters.

Some 71% of the identical mother and father are re-evaluating their meals purchasing habits to chop down on waste and make meals go additional, dropping to 54% of these with out youngsters.

YouGov surveyed 4,232 adults on-line between October 6-10.

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