Outlook for Xmas spending “worse than 2008″
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LONDON, Nov 2 (Reuters) – Britons are planning to spend less on gifts this Christmas than last year as they worry about rising unemployment and taxes, putting into question signs of a
recovery in consumer spending, a survey showed on Monday.
Broker Execution Ltd interviewed a representative sample of 2,000 Britons from Oct. 20 to 26 and found participants on average plan to spend 358 pounds ($593) on presents this year, four percent less than they forecast this time last year.
Some 40 percent said they would spend less than last year, 10 percent said they would spend a lot less, while around half said they expected to spend around the same as a year ago.
“With many still believing the spectre of unemployment hangs
over them and half thinking their tax bill will rise, people are
cutting back spending, increasing their savings and reducing
debt,” said Execution analyst Caroline Gulliver.
“So, at the moment, the outlook for Christmas spending is
even worse than 2008.”
“However, what we know from experience is that as the end of
December approaches what people do can be very different to what
they say and so the outcome may not be as disappointing as these
results suggest.”
(Reporting by Mark Potter; Editing by David Cowell)
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[...] again: we’re forecast to spend an average of £358 each on presents this year. Even if Children in Need ends up with double last nights total, that will be [...]
- Posted by Charity Begins on the High Street | The Wardman Wire