Managing Your Cash Flow
No time for Bah Humbug! this Christmas as Brits get ready to spend
3 min read
23 September 2015
British shoppers are planning to splash out on an extravagant Christmas after years of Scrooge-like belt-tightening in the downturn.
According to the “Greene King Leisure Spend Tracker” report, over a quarter of British adults intend to spend more this Christmas than in 2014, while almost 60 per cent indicated that they have no plans to cut spending this year.
Greene King claimed that not only are Brits side-lining attempts to reign in the Christmas budget, they are also planning to start Christmas shopping early.
A huge 60 per cent of British adults making merry this Christmas have either already begun buying their presents or plan to have their shopping underway by the beginning of December.
Just nine per cent intend to leave buying their gifts until the fortnight before Christmas Day. Stereotypically, men are twice as likely to be last minute shoppers than women.
Fiona Gunn, Greene King’s marketing director, said: “Further growth on last year’s spending would mean a great boost for the UK economy. Beyond showing how much Brits enjoy the festive period, these findings indicate that consumers are much more confident in their personal finances than in recent years. Interest rates are expected to stay low, supermarket price wars are driving household costs down and online orders are making the Christmas shopping much easier.”
Read more about consumer spending habits:
- Online retailers account for fastest consumer spending growth with four-year high
- Consumer discretionary spending hits three year high
- British hospitality sector thrives as consumers increase spend on hotels and restaurants
For August the Greene King tracker revealed that average UK household leisure spend increased by one per cent year-on-year and rose eight per cent month-on-month – helped by more family entertainment trips during the school holidays.
Eating out saw the most significant increase as the casual dining sector continues to grow particularly in London and the South East.
Households without kids also splashed the cash particularly on live sports events such as Premiership football.
Gunn said: “The continued increase in wages and rise in consumer confidence could be a driver of the recent uptick in spending. Over the school holidays, parents have been entertaining their children with trips to the theatre, the cinema, museums and other attractions. Spending on live sports events has also seen an increase due to the earlier start to the Premiership football season and, as the Rugby World Cup has just kicked off, we look forward to seeing this trend continue throughout the autumn.”