Christmas spending is set to drop dramatically this year according to research from Ferratum UK.
In 2015 consumers were planning to spend 39% of their disposable income spreading the yuletide spirit a figure that has now reportedly fallen to just 23%.
The UK is ninth of the list of European Christmas spenders far behind Germany who know it’s Christmas Time as consumers there spend 31% of their disposable income in the festive season.
Tony Gundersen, UK country manager for Ferratum Group, said: “With all the uncertainty surrounding the UK economy many consumers intend to tighten their belts, which has resulted in a predicted down turn in average spending.”
These figures come after it was revealed 41% of all purchases in the UK will be made online, compared to the average of 25% across the other countries.
Gundersen added: “The strong appetite for online shopping, combined with the intention to spend less this Christmas, may also be a sign of savvy shoppers in the UK seeking bargains online and taking advantage of high-profile online sales days such as Cyber Monday.”
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