Consumers are set to reduce the number of items they purchase resulting in a 4.1% fall in sales volume
Christmas spending is set to rise to £82.2bn over the six weeks leading up to Christmas, as high inflation rates give sales a boost this festive season. The VoucherCodes.co.uk Shopping for Christmas Report 2023 forecasts a mixed bag for retailers this Christmas with sales forecast to rise by 3.3% from £82.2bn in 2022 - equating to £1,278 per head on average.
Sales of gifts and decorations will be hit worst by consumer cutbacks with gift spend falling 3% to £11.25bn, and decorations spend falling a whopping 19.6% to £0.66bn. However, in merrier news, the travel sector can expect a boost of 15.2% as sales rise to £2.18bn, and food and drink retailers can expect a rise of 5.5% to £7.68bn.
Anita Naik, Savings Expert at VoucherCodes.co.uk said: “This year has been tough for Brits with price rises, and mortgage and rent increases, so it’s no surprise that many people are having to cut back on the amount they buy this Christmas.
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