28% Reduced Christmas budget for 2022

28% Reduced Christmas budget for 2022

New research from American Express shows that, despite continued economic challenges, unsurprisingly Christmas remains an important event for a significant proportion of people. The nation’s smart-spending shoppers have started their Christmas budget early this year to ensure that this Christmas is a success… and it’s only three months away!

The survey of 2,000 UK consumers commissioned by American Express shows that 61% of shoppers say they will budget for Christmas in some way. Despite cost-of-living pressures, nearly half (48%) of consumers plan to spend the same this year as they did last year, with a quarter (28%) planning on spending less.

Christmas budget planned spend

Of those who have a Christmas Budget the research found:

  • 42% save up through the year to ensure they have enough for the festive season
  • 38% shop through the year for presents, to avoid spending all at once
  • 34% say they use Black Friday and other seasonal sales to ensure they get the best deals ahead of Christmas
  • Around one in five (21%) shoppers say they’ll be gifting ‘essential items’

That last point is perhaps the most interesting as a fifth of the country may reduce spend on frivolous gifts, although essential items could have a very wide interpretation. However with the ever increasing energy price it would be no surprise to see oversized jumpers, throws, and blankets on the list and perhaps for those cold nights electric blankets, hot water bottles and fleecy pyjamas.

It’s clear that retailers looking to take advantage of the peak shopping season should stay tuned in to the specific needs of this year’s Christmas shoppers – and there is scope to help inspire consumers this festive season; 42% of consumers are more likely to shop with a retailer than offers a personalised service and 75% agreed that great customer service is important to them when shopping.

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