Consumers are set to shrug off worries over Brexit with shoppers planning to spend more on Christmas spending than they did last year, according to new research.
According to Rubicon Project’s study, anticipated spend for Christmas this year is £748 per person, an increase on 2015, when anticipated spend was £732 per person. Overall, 77 per cent of respondents to this year’s survey say they plan to spend the same or more, whilst just 23 per cent plan to spend less on their Christmas shopping.
Prior to the UK’s decision to vote to leave the EU in June, many leading industry figures predicted the retail sector would face tough times following a vote for Brexit. However, data from Rubicon Project’s second annual Christmas Consumer Pulse survey shows the result of the referendum has yet to impact consumer confidence.
Millennials and parents remain particularly buoyant moving into the holiday season, as 41 and 32 per cent respectively report they plan to increase their spending for Christmas.
Interestingly, the season of giving generously is also one where shoppers like to treat themselves – nearly a quarter (23 per cent) of Christmas shoppers typically buy a gift for themselves, and those doing so plan to spend an average of £209.
Millennials and parents both excel in the category of self-spending, with 38 percent of millennials and 28 per cent of parents planning to buy gifts for themselves, Christmas spending an average of £257 and £241 respectively.
James Brown, managing director for UK & Nordics for Rubicon Project, says, ‘Whilst the long-term implications of Brexit have yet to play out, the results of this consumer research are a reassuring sign for the retail industry that consumer spending habits continue on an upwards trajectory during the holiday season. Retailers should be well-positioned to make the most of this in the run-up to Christmas spending.’
Parents (£1033 average spend), millennials (£870 average spend), and men (£828 average spend) are driving most of the Christmas spending this year which has started earlier than previous years. A quarter (26 per cent) of shoppers indicate they have already made purchases.
Argos is the top shopping destination for shoppers, with 46 per cent planning to buy gifts from the retailer this year, while Amazon is the top destination for technology shoppers and Marks & Spencer wins for apparel shoppers.
Further reading on preparing for Christmas
