UK CONSUMERS SET TO REFRAIN FROM BIG CHRISTMAS BUYS: SURVEY

Tue 17 December 2024:

Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason.

Research group GFK’s mood barometer did rise, but it ended barely above 2024’s average. Consumers were somewhat more upbeat about their own financial situations.

However, they remained pessimistic about the economy as a whole and were unwilling to make any large Christmas purchases.

Neil Bellamy, consumer insights director at GFK, said, and I quote, “In December, consumers adopted the holding pattern we’ve seen for much of 2024.”

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Bellamy added, “It’s the continuing uncharitable view on the UK’s general economic situation that’s suppressing consumer confidence.”

The data will be an additional setback for businesses.

Retailers and hospitality venues are already preparing for tough trade during their most important time of the year.

Consumers escaped a significant portion of the 40 billion pounds or 50.8 billion dollars in tax increases proposed by Chancellor Rachel Reeves in her budget on October 30.

However, their mood is being dampened by a deteriorating jobs market, increased energy prices, and rising mortgage payments.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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