The Christmas trading period could deliver some much-needed festive cheer for retailers after a challenging 12 months as a new research reveals that shoppers plan to spend more this year.
Most UK shoppers – 87 per cent – are planning to spend the same or more than last year, while 57 per cent said political uncertainty will have no impact on their Christmas shopping.
The spending increase is likely to be driven by younger consumers, as 45 per cent of younger millennials and 38 per cent of Gen Z said they planned to spend more, according to the latest research by Accenture.
Research also showed that most Brits – 47 per cent – were planning to leave most of their shopping to the last weekend before Christmas rather than capitalise on specific promotional days, with 37 per cent of consumers saying they prefer to shop on Cyber Monday.
The findings could boost high street morale in the run up to the crucial Christmas trading period, in a year that has already seen major retailers close almost 6,000 stores so far.
Well-known high street brands such as Debenhams, Bonmarche and Karen Millen have been forced into administration proceedings in 2019.
Accenture UK & Ireland retail consulting lead Andrew Carlisle said: “There’s no doubt that it’s been an incredibly difficult year for retailers. There have already been more job losses and more store closures than in 2018 – with the year not even being up yet.
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“But the high street gloom doesn’t seem to have dampened shoppers’ spirits this festive season, buoyed by younger consumers planning to spend big over the holidays.
“What’s more is that spending for UK shoppers isn’t centred on a particular day, suggesting that the retailers that can sustain consumer interest beyond the key moments of Cyber Monday and Black Friday are set to benefit the most.”
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