It’s September, so it won’t be long before Christmas shopping is on the agenda for many consumers, and one forecast says we could be in for a ““A wonderful golden quarter.”
A new study of 2,000 consumers from Havas Media UK has revealed that for the first time since 2021, there are “promising signs” for the retail sector “with consumers planning to shop earlier this year amid renewed confidence after years of economic stagnation and hardship.”
Some 67% of Britons plan to spend the same or more in late 2024 than they did last year, compared to just 45% two years ago, with 8 million UK adults expected to increase their Christmas spending this year.
3.7 million more Britons expressed concerns about being able to afford Christmas in 2024 compared to the last two years.
“Young shoppers, who have borne the brunt of the economic challenges facing people globally over the past few years, are driving the return of confidence in spending.”
About 23% of 18- to 34-year-olds plan to spend more than a year ago, up 12 percentage points from those who said the same in 2022.
The good news looks set to affect all categories, with 24% set to spend more on clothing and 20% more on health and beauty.
The bad news – at least for those who sell physical products – is that around one in five UK adults are looking to buy more experience-based gifts this year rather than these products.
As for what kind of boost retail will get in the coming weeks, a quarter of respondents expect to start their Christmas shopping as early as October this year, but will extend the festive shopping period into Black Friday and Cyber Monday. What that might mean for December shopping is unclear.
That doesn’t mean that overspending consumers are abandoning their price awareness. In fact, 71% of consumers ate while looking for deals — the highest percentage in four years, which could mean a very strong Black Friday season.
Interestingly, consumers appear to be focusing on both in-store and online. Some 53% want to return to in-store shopping this Christmas, but two in five are relying on online searches, while one in five are turning to social media for Christmas shopping ideas.
They are hoping to see some strong Christmas advertising with 66% of consumers seeing key campaigns as a festive tradition.
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