Insight: Brexit vote will not impact Christmas shopping spending
A new study is predicting that the falling pound and an uncertain financial future following the EU referendum vote will not have a significant impact on Christmas spending this year.
The survey, conducted by Aston University’s Aston Centre for Retail Insights, examined how much money people intend to spend this year, what gifts are at the top of their wish lists, and where they plan on buying their presents.
Of the 1,076 people polled, 78.1% said they would keep their Christmas spending stable this year even with Brexit considered. Only 15.2% said they planned to reduce their spending while 6.7% said they would spend more.
However, those surveyed who said they were ‘just about managing’ financially are preparing to tighten their belts with a 10% drop in spending from £300 to £276 this year.
The study found that 25% of respondents cited a holiday as their most-wanted gift. This was followed by clothing or shoes for 23% and gift vouchers for 16%. Books took the number two spot for women while consumer electronics took third place for men.
The poll found that 78% of customers will buy their Christmas presents online this year, compared to 48% in high street shops and 45% in department stores. Online shopping far surpassed the local high street in the 56-65 age bracket, with 72% choosing online compared with 44.2% opting for the local high street.
Christmas shopping was found to be a ‘major task’ for most people, with seven out of 10 respondents planning to buy presents for at least five people. Two-thirds said they plan to make at least three shopping trips. Meanwhile, nearly 80% of people perceived present selection to be ‘a real challenge’ for at least one person.
The study is one of the first to come out of Aston Centre for Retail Insights which is planning to provide research on customer insights, retail strategy, the retail mix, and retail/service innovation and technology.
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