The anticipated festive spending increase this year is attributed to premium purchases in food, clothing, and technology, reflecting consumer confidence post-cost of living crisis.
The survey highlights that average spending on gifts and celebrations will rise from £416 to £433 per person, exceeding levels from the 2021 festive season.
UK inflation has significantly decreased from 10.5% in December 2022 to 2.3% in October, which may explain the renewed consumer willingness to spend on festivities.
Retailers can expect a boost in clothing sales, especially among under-25s, who are likely to invest in new outfits after years of budget-conscious shopping.
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