Brits to indulge in Christmas spend in spite of Brexit woes

Retailers across the nation who may have feared Britain’s vote to exit the European Union would affect consumers Christmas spending plans can breathe easy now, as new data indicates the Brexit has little impact on holiday expenditure.

Only one quarter of the 2,000 shoppers questioned in a survey conducted by PwC said their holiday spending would be affected by the Brexit in comparison to more than two-thirds (67 percent) of respondents, who said the Brexit has no impact on their spending plans for Christmas.

“We’ve seen UK consumers respond robustly to this year’s political uncertainty and sterling weakness, as evidenced by the post-referendum retail sales figures,” commented Madeleine Thomson, retail and consumer lead at PwC. “Our survey results underline this resilience.”

However, the average UK adult does plan to spend slightly less on Christmas presents this year, aiming to spend a mere 208 pounds, down from 300 pounds they aimed to spend last holiday season. In addition, although Christmas remains a priority for consumers, 4 percent expect to spend nothing on presents, with the majority of those not buying presents (64 percent) because they do no t celebrate Christmas.

Unsurprisingly, Londoners were found to be the region who Christmas spend was the most impacted by Brexit, with approximately 44 percent of expecting the decision to leave the EU to have a slight or considerable impact on their holiday spend. Millennials, those between the ages of 18 and 34, also expected the Brexit to affect their Christmas spend, with 40 percent of them foreseeing a slight or considerable hit on their spend this holiday season.

Following on from Black Friday and Cyber Monday, over half the adults surveyed said are set to purchase presents online this Christmas. Over half (53 percent) of participants sa id they would make their purchases online this Christmas, compared to 43 percent who plan to buy their presents in store. “The impact of Black Friday and Cyber Monday on Christmas spending has also been intriguing ," added Thomson.

" Despite so many saying the amount they spend has nothing to do with retailers (48 percent), three fifths (60 percent) hesitate to purchase before Christmas because of pre-Christmas price reductions/discounts, with 16 percent hesitating on most of their Christmas purchases.”

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