People in the West Midlands expect to spend £290 on Christmas gifts this year- PwC
People in the West Midlands expect to spend around £290 on Christmas gifts this year according to a survey conducted for PwC. The results also show that, whilst Christmas remains a priority for consumers, around 2% expect to spend nothing on gifts.
And while this year has seen its fair share of headlines and volatility, more than a fifth (22%) of those surveyed in the West Midlands expect the effects of the UK’s vote to leave the European Union to impact how much they spend this Christmas. However, the majority (68%) don’t expect the EU referendum to affect their Christmas spending plans.
Commenting on the survey results, Andy Lyon, partner and retail expert at PwC in the West Midlands, said:
“We’ve seen consumers respond robustly to this year’s political uncertainty and sterling weakness, as evidenced by the positive post-referendum retail sales figures.
Our survey results underline this resilience, with two thirds of West Midlands consumers expecting the results of the referendum to have no impact on their Christmas spending and the average adult expecting to spend around £290 on Christmas gifts this year.
“The survey, like our Black Friday and Cyber Monday research, also shows that consumers are adapting their shopping habits by purchasing more online.
Across the UK, over half (53%) of participants say they would make their purchases online this Christmas, compared to 43% who plan to shop in-store.
“The impact of Black Friday and Cyber Monday on Christmas spending has also been intriguing.
Despite so many in the West Midlands saying the amount they spend has nothing to do with retailers (47%), three fifths (61%) do hesitate to purchase before Christmas because of pre-Christmas price reductions/discounts, with 18% hesitating on most of their Christmas purchases.”
The survey results also show that 30% of respondents in the West Midlands would spend more if prices were reduced earlier, while 13% would spend more if deals were offered earlier.