New research shows that 57% of individual shoppers have so far spent less than £100 on Christmas presents. Worse still, 41% of shoppers plan to finish their present buying no earlier than the week before Christmas, with 12% expecting to finish their shopping as late as Christmas Eve.
The situation is even worse in London, with 44% of Londoners expecting to leave their shopping until the final week. A total of 67% have spent less than £100 so far and 70% plan to spend less than £400 in total.
Helen Dickinson, head of retail at KPMG, said: ‘Every year, retailers hope that they may be able to convince shoppers to start their Christmas shopping early, but it looks like they’ve not managed it this year – just when they needed it most.
‘It does, therefore, raise questions about the wisdom of starting Christmas promotions so early. Our survey shows that 7% of people have already done all of their Christmas shopping, but as this number remains constant across all regions and age ranges, you have to assume these people always get their shopping done early, irrespective of the latest Christmas sales push. Everyone else seems more than happy to leave it as late as usual.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements