Brits are predicting to spend 12% more than last year, according to new research from Santander
The research found that supermarkets are set to be the biggest beneficiary of this increase in spending, with shoppers planning to spend an average of 29% of their money there. There is also a growing trend towards online shopping, with £1 in every £3 to be spent online.
It appears that adults in the UK are becoming more generous; the average predicted spend on presents is £175. This is a 5% increase on last year. Christmas dinners are also becoming more extravagant, with an average predicted spend of £37 per adult.
Another emerging trend highlighted by the report is a process known as “showrooming”. This is when shoppers physically go to a shop to view a product before ordering it online - 30% of people surveyed said they planned to do it this year.
Shoppers are becoming increasingly savvy; 15% said they would go online to find cheaper prices and then use these to negotiate a better price instore. Online shoppers are due to spend an average of 36 minutes browsing online for each Christmas gift, highlighting how online shopping allows consumers to shop around for the best deal more efficiently than before. In another example of internet savvy consumers, 15% said that they would use cashback sites, which offer you cash in exchange for shopping through them.
Alan Mathewson, CEO of Santander Cards, said:
“Our findings suggest an increase in consumer confidence over the past 12 months, which is good news for both online retailers and the more traditional high street. Shoppers are clearly still looking to get more for their money, however, with large numbers of them using a range of techniques such as bartering in-store with prices they have found online, or looking for cashback deals.”
As the Christmas shopping season draws ever closer - for many it has already begun - it is important for consumers to plan ahead. Shopping around, especially online can make a huge difference, and setting a detailed budget before you start can help you to keep your spending in check.