More than two thirds of UK adults are planning to cut back on their spending this Christmas due to the cost of living, a survey suggests.
Despite spending the last two Christmases under social restrictions, some 75% of adults are not planning a “big celebration” and 70% are cutting back on last year, the poll for Accenture found.
Almost half are planning to cut back on buying presents (49%), eating out (46%), general socialising and buying food and drink to consume at home (both 35%).
Of those planning to reduce spending this Christmas, almost half (45%) are planning to buy food from budget-friendly supermarkets.
More than two thirds of UK adults are planning to cut back on their spending this Christmas due to the cost of living, a survey suggests.
Nicholas.T.Ansell
Just two in five (39%) are planning to take advantage of discount events such as Black Friday more than they did last year.
Of the minority who are planning a big celebration (16%), just 38% said they will have to dip into their savings, while 44% will be shopping early or spreading the cost.
Kelly Askew, retail strategy and consulting lead at Accenture, said: “The fact that shoppers are planning to spend less on gifts this year reflects just how low the mood feels in the run up to this Christmas.
Two thirds to cut back on Christmas to cope with cost-of-living rises
Peter Byrne
“As consumers continue to start their shopping earlier each year in a bid to spread the cost, it’s time for retailers to get creative with their marketing and offer ‘solutions’ to their customers rather than just ‘items’.
“Retailers should also look to educate consumers and families, helping them to shop economically and sustainably where possible. Taking clear steps to support people during this difficult time is the right thing to do and will encourage more loyalty among consumers.”
The survey also found that 80% of people have already made cutbacks in some form in the last six months.
Parents in particular appear to be cutting back, with 73% of those with children aged 12 to 18 already making, or intending to make, a conscious effort to reduce the amount of heating they use, compared with 56% of respondents without children.
Some 71% of the same parents are re-evaluating their food shopping habits to cut down on waste and make food go further, dropping to 54% of those without children.
YouGov surveyed 4,232 adults online between October 6-10.
