Three in 10 Britons to spend less in festive period

LONDON, Oct 31 (Reuters): Almost three in 10 UK consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis, according to survey data published by Deloitte on Tuesday.
However, it said its data did show a seven percentage-point rise in the number of UK consumers - from 19 per cent in 2022 to 26 per cent in 2023 - who intend to spend more in the last three months of 2023, partly as a result of prioritising any savings they've made for their Christmas expenditure.
Deloitte said many UK consumers are looking to spread their spending across the quarter, with 32 per cent saying they will buy most of their gifts in November, making the most of Black Friday and Cyber Monday promotions.
It said 50 per cent of respondents this year also said they plan to buy their presents in-store, up from 47 per cent in last year's survey.
"The Black Friday and Cyber Monday weekend promotions are critical for retailers, and we expect overall spending to increase again this year as consumers try to make the most of the available sales on offer," Oliver Vernon-Harcourt, head of retail at Deloitte, said.