Christmas spending cutdown
Published On 14 December 2006
Retailers could be affected by a drop in sales this Christmas, as research from AXA suggests Britons are set to cut back on spending by 12 per cent this year. The average British worker spent £600 in 2005, but the AXA report says the amount will fall to £531 this year as part of a global trend which will see the top ten nations reducing their spending on gifts.
Britain is currently second on the list of big spenders in the festive season, with only Americans spending more.
"Spending on discretionary items, such as presents, are often seen as a barometer for the consumer economy," said AXA spokeswoman Alison Green.
"The fact that all of the countries in the top ten highest spending nations are seeing significant drops in their planned Christmas spending budgets, may set alarm bells, rather than jingle bells, ringing during the run-up to Christmas."
The research also shows Brits to be lacking in imaginative present buying – with 93 per cent buying books, CDs, DVDs, theatre or concert tickets; 88 per cent buying clothes; and 83 per cent will be buying sweets or chocolate.
