1 in 5 Britons plan to spend less on presents this Christmas
According to early data from GfK NOP’s annual Christmas Spending Study, it appears that retailers are in for a tough Christmas for the second year running, with even more people than last year planning to cut back on festive season spending.
The survey of 1000 UK adults (aged 16+) shows that one in 5 of us are planning to spend less on presents this year, compared to last year, with only a tiny 1 in 10 planning to spend more.
Not even close family members will escape the cut backs with the biggest savings planned for presents for nearest and dearest. Overall, the study suggests we’ll be spending 15% less on gifts this year.
Helen Roberts, Retail Research Director at GfK NOP, comments,
"Reflecting patterns we’ve observed in other investigations this year, Britons appear to be switching their priorities, with only food and drink escaping the axe. When asked if they were going to spend more or less on specific items, the answers were overwhelmingly in the ‘less’ camp.
"Interestingly, our study shows that we are less worried about how we’ll pay for Christmas this year, with a one in ten drop in the proportion who are ‘more worried than ever about being able to afford the presents I want to buy this year’. This appears to support other data we hold that suggests Britons are becoming a nation of ‘savvy shoppers’, having learnt how to make our money go further. We have seen this throughout the year in Supermarket shopping trends and discounting/sale activity - and now it’s going to be applied to Christmas shopping too.
"On this basis, the retailer challenge is going to be about protecting both margin and volume in an environment where most of us are waiting for a re-run of last year’s heavy discounting.”
About GfK NOP's Christmas Spending Study 2009
GfK NOP’s Christmas Shopping Study 2009 consisted of interviews with 1,000 UK adults aged 16+, weighted to be fully representative of the UK national population.
Interviews were conducted 18-21 September, using GfK NOP’s online panel, and further waves will be repeated in early November and December 2009.
London - 28th September 2009