Shoppers to slash Christmas gift spending - Kantar study
Under a report headlined ‘Nightmare before Christmas’, you know what’s coming. Half of UK shoppers are intent on spending less on festivities this year as plunging consumer confidence, higher bills and rising inflation sparks further concern for retailers.
One in three of those shoppers said they would slash gift budgets for close friends and family by over £25 per person, according to data from market insights firm Kantar.
As the retail sector heads into its crucial ‘golden quarter’ ahead of Christmas, 37% of consumers said they were struggling with their financial situation while 47% of shoppers said they were worried about Christmas, an increase of 15 percentage points since last year.
And the report also cited the mounting financial problems for businesses with 86 listed companies issuing a profit warning in the three months to September, up from 51 over the same period last year, “with consumer-facing firms especially pessimistic”.
Many cash-strapped Britons would be focusing on “getting back to the true meaning of the festive season, focusing on togetherness, kindness and generosity,” this Christmas, according to Lynne Deason, head of creative excellence at Kantar.
Companies will have to “balance celebration and excess,” in their messaging this winter and avoid “gloomy, downbeat ‘sadvertising", while "brands who also take active steps to make a genuine difference to those in need this Christmas will be appreciated and remembered,” she added.
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