BusinessCompany NewsDeloitte predicts £17bn Xmas spending frenzy

Deloitte predicts £17bn Xmas spending frenzy

Average Xmas spending set to rise by 22%

Deloitte has estimated that British
citizens will spend around £17bn on
Christmas gifts this, a 22%
rise on last year.

According to the firm, clothes, jewellery and MP3 players will be the most
popular items, particularly among 16-24 year olds.

Not surprisingly, Deloitte said gift retailers were set for a rewarding
festive season with overall spending forecast to rise by £2.2bn, or 7%, to
£16.9bn.

On the flip side supermarkets may suffer from flat food sales as
consumers cut back on their budgets for leisure and socialising.

Surprisingly, Londoners are not forecast to be the biggest gift spenders –
that honour will go to those living in Wales, where each person is predicted to
spend £443 on average, compared to £343 for capital city residents.

Further reading:

Rates rise won’t affect consumer spending 

World Cup parties score tax own goal

The holiday’s over

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