New research from Accenture, published on Monday, suggests that nearly two-thirds of adults in the UK intend to reduce their Christmas spending, signaling a more pessimistic outlook

compared to recent surveys. According to the information technology and services group Accenture, which collected survey data through YouGov, Britons are trimming their budgets for gifts, dining out, and home food and drink purchases due to concerns about the rising cost of living.

The survey also found that over half of UK adults do not intend to take advantage of discounts on Black Friday, Cyber Monday, or Boxing Day.

In contrast, surveys by Deloitte and PwC published last month presented a more optimistic outlook, with both indicating that around one-third of Britons were planning to cut back on Christmas spending.

Despite UK households facing the most significant two-year decline in living standards since records began in the 1950s, consumer demand has remained relatively stable throughout the year. However, official data from last month revealed that British retail sales volumes experienced an unexpected drop in September, in part due to unseasonably warm weather affecting the sales of autumn clothing.

Nevertheless, clothing retailer Next reported a sales surge after the return of typical autumn weather from mid-October and forecasted a 2% year-on-year sales increase for the Christmas quarter. Major retailers like Tesco and Sainsbury's have also expressed optimism about their Christmas prospects.

In the United States, holiday sales for 2023 are anticipated to grow at the slowest rate in five years, as indicated by data from the National Retail Federation (NRF) released last week. Photo by Pierrette13, Wikimedia commons.