Independent: Around half of consumers plan to cut back on festive spending

December 2, 2022
Less than a minute

London (Independent) — new research from analysts Mintel found that 54% of Britons say financial concerns mean they plan to keep a stricter budget this year compared to 2021. Some 22% plan to make use of credit, including buy-now-pay-later schemes, this festive season, rising to 40% of 16 to 24-year-olds.

Nick Carroll, category director of Mintel Retail Insights, said: “We’ve long held the view that the festive retail performance is governed more by how consumers presently feel about their finances than how they view the coming year – with consumers willing to make sacrifices to have a good Christmas.

“However, the uncertainty felt by many at present, and for what the coming year may bring, means the wider economic picture will be hard to ignore this Christmas and will govern the spending decisions of most consumers.

“For lower income households, these concerns are likely to be founded in the here and now, with cutting back not a choice but a reality of the present environment. However, promotional activity and the wider proliferation of credit and buy-now-pay-later will help many shoppers manage their Christmas spending.” Read more at independent.co.uk

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