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Dec 2, 2016
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Brexit fears won't hit Christmas spend, says report, but Millennials are gloomy

Published
Dec 2, 2016

Most UK shoppers think the uncertain financial future and sterling weakness will have no impact on how much they spend this Christmas, according to a survey conducted for PwC.

However a significant 23% of the 2,000 consumers surveyed say it will have an impact. The most cautious consumers are those in groups that voted to remain in the EU, including Millennials and Londoners.



Around 40% of 18-to-34 year-olds and 44% of Londoners said Brexit would have an impact on their Christmas spending. However, Scotland, which also voted to remain, will be spending above the UK average. Pro-leave Yorkshire will also spend more this year.

Overall, 67% of those surveyed don’t expect the impact of the EU referendum to affect their Christmas spending plans, despite PwC estimates suggesting UK growth will slow to around 1.2% in 2017.

The average UK adult plans to spend around £280 on gifts this year, down from 2015’s £300. However consumers are still bargain-conscious with 60% of them reluctant to buy too early because of later pre-Christmas discounts.

Shoppers think they would spend more money if prices and deals were reduced earlier, according to the survey. And they’re clearly very focused on internet bargains with more than half (53%) doing most of their Christmas shopping online this year.

Meanwhile 4% of consumers will be skipping the holiday gift-giving tradition altogether. Of that small number, 64% of them will opt out of buying gifts as they don’t celebrate Christmas, while 23% of them say they have no one to give gifts to and 5% say they can’t afford to buy Christmas gifts this year.

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