Britain is expected to be £3 billion worse off this Christmas period as the cost-of-living crisis, exacerbated by stubborn inflation and interest rate hikes, continues to squeeze the pockets of shoppers.
Speaking with over 8,000 consumers in the UK this August, consultant Retail Economics in collaboration with courier Auctane found consumers were expecting to spend around £17.9 billion through online marketplaces during Black Friday and Christmas.
One way shoppers are dealing with the issue is by beginning shopping earlier in the year as well as using online shopping to allow for an easier comparison of the most competitive prices, with 40% of respondents claiming they would start spending before October.
Across the US, UK, Germany, France, Spain, Italy, Canada and Australia more than £202 billion is predicted to be spent through online shopping during the festive period.
Tom Forbes at Auctane said: "Cautious consumers and unpredictable economic conditions won’t dim the Christmas shopping spirit of UK shoppers, who are set to hunt for discounts, deals and value, as they try to get the most bang for their buck this year.
“After a grey summer in the UK, retailers will look to start promotions earlier than ever, with some already having started, as they look to shift any leftover inventory to make space for seasonal autumn and winter stock.”
Younger shoppers are planning on saving through scouring online for discounts and deals, with Black Friday and Cyber Monday seen as key periods for buying Christmas presents, while older shoppers are said to be employing more traditional approaches to save such as introducing a spending limit and downtrading to value brands.