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US Holiday Sales have seen a massive pump. A recent survey by Accenture and YouGov unveils a shift in UK consumers’ holiday spending habits. Nearly two-thirds of UK adults are planning to reduce their Christmas spending, citing concerns over the rising cost of living. This represents a more pessimistic outlook compared to previous surveys conducted by Deloitte and PwC, which had indicated that only a third of UK adults intended to cut back on holiday spending.
Reluctance Towards Shopping Events
Surprisingly, over half of the respondents in the Accenture and YouGov survey expressed their reluctance to participate in popular shopping events like Black Friday, Cyber Monday, or Boxing Day discounts. This hesitance prevails despite resilient consumer demand observed throughout the year, even in the face of the largest two-year decline in living standards since the 1950s.
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UK Retail Ups and Downs
In the UK, retail sales faced an unexpected dip in September due to unseasonably warm weather. Negatively impacting sales of autumn-wear clothing. However, a shift in weather conditions during mid-October brought a boost in sales. Major retailers such as Next, Tesco, and Sainsbury’s maintain an optimistic outlook for Christmas trading. Next, for instance, projects a 2% year-on-year increase in sales for the Christmas quarter.
US Holiday Sales Expect a Slower Growth
On the other side of the Atlantic, the National Retail Federation (NRF) anticipates that 2023’s holiday sales in the US will grow at the slowest pace seen in five years. This forecast indicates that while UK consumers plan to tighten their belts this Christmas, US consumers are also expected to be somewhat more restrained in their holiday spending compared to previous years.
In summary, UK consumers are bracing for a frugal holiday season, while US holiday sales may experience a slowdown compared to recent years, marking a significant shift in consumer sentiment on both sides of the Atlantic.
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