The Christmas season is an exciting time not just for people celebrating, gathering with loved ones, and eating good food, but also for retailers. Sales figures peak during this period, with a significantly greater
in December than in any other month.
was forecast to amount to approximately 85 billion British pounds in 2023, which was a slight increase of about 2.7 billion pounds from the previous year. Nevertheless, these forecasted sales figures for the United Kingdom ranked as the
, with expected sales worth roughly nine billion pounds more than those in second-placed Germany.
Where will consumers buy their gifts?
One of British consumers’ biggest expenditures over the Christmas period is gifts for friends and relatives. In particular, Brits generally spend the highest sums of money on
gifts for their children or partners. The majority of Christmas retail sales are still done
in-store; in 2023 this channel was forecast to generate over 54 billion British pounds, roughly 23 billion pounds more than online sales. According to a 2023 survey, consumers
favorite purchase channels for Christmas gifts, other than online stores, were supermarkets, discount stores, or big box stores, with 46 percent of consumers shopping at these locations.
The cost of living at Christmas
However, one-third of consumers said that they would be buying fewer or less expensive gifts in 2023 as a
strategy to manage their holiday expenses in 2023. Many consumers feel the need to do this as they are worried about the increase in the cost of living, and its impact on their ability to afford their Christmas celebrations. Those aged 25 to 49 were particularly likely to cut back, as 57 percent said they would
spend less at Christmas in 2023 compared to normal, as a result of the rise in the cost of living. While many consumers were looking to reduce their spending, others were resigned to paying the expense. 54 percent of adults agreed that they will
spend more money at Christmas due to rising prices.
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