Shoppers are going to spend more on Christmas dinner while cutting back on presents this year, according to new research.
Three-quarters of shoppers are planning to spend more or the same on their Christmas meal this festive period compared to last year, according to the latest research from IGD’s ShopperTrack.
By contrast, over a third of shoppers (36 per cent) are planning to spend less on Christmas presents this year and 38 per cent will not spend as much on going out to restaurants, pubs and bars over the same period.
IGD ceo Joanne Denney-Finch said: “In this era of austerity we’re all watching the pennies. While shoppers are planning to spend less on presents and going out, their Christmas meal is regarded as the priority over the festive season and they don’t want the belt-tightening to spoil it.
“To respond to shoppers’ general thriftiness, food and grocery retailers and manufacturers need to demonstrate even more value to encourage shoppers to loosen the purse strings. They could also target their marketing at a younger customer base, as 18-24 year olds are the most likely to spend more this Christmas.”
The research found that 32 per cent of 18-24 year olds - the most likely age group intending to increase their spending - plan to spend more on their Christmas meal while 38 per cent of all shoppers plan to spend less on food and drink consumed outside the home.
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