Over a third of UK shoppers say they will be able to spend less on their Christmas shopping this year compared to 2016, the latest Christmas Barometer™ from Ferratum has revealed.
The survey, which collected the opinions of 21,000 consumers across Ferratum Group’s 20 country locations, revealed that 33% of the UK public have become savvier in their shopping habits and plan on spending less over the course of this festive period compared with last year. A quarter (25%) of respondents said that over half their shopping will be done online, with many consumers using online marketplaces to grab a bargain. In comparison, 47% expect to spend the same as last Christmas and just one in five (20%) think they will spend more.
The research also revealed that 41% of shoppers will use their savings to finance their Christmas shopping this year. This highlights a growing awareness of the financial impact of the holiday period, which has prompted more consumers to build up their savings in the run-up to December. To support this, 80% will be using mobile banking over the holidays, suggesting that consumers will be carefully watching their bank balances while at home.
Globally, the survey revealed that the top Christmas spenders this year will be Mexico, Romania, Spain and Brazil, with each country spending more than 28% of their monthly income on Christmas. At the other end of the scale, shoppers in Croatia, Norway, Finland and the Netherlands are expected to be the lowest spenders, spending only 13% of their monthly income.
Antony Gundersen, UK Country Manager for Ferratum, said “These figures show that millions of UK consumers will be taking a more sensible approach to Christmas spending this year, with many taking advantage of online deals and discounts to save money. It’s also interesting to see that so many Britons are using savings to fund their Christmas shopping this year. Viewed together, these two trends show that UK consumers are committed to making their money go further at a traditionally expensive time of year.”