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Deloitte predicts 'fiercely competitive' Christmas for retailers

Nov 26
Tags: Deloitte
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Deloitte predicts 'fiercely competitive' Christmas for...

The expertise of management consultants could help UK retailers navigate what has been predicted to be a "fiercely competitive" Christmas trading period this year.

According to Deloitte's 2018 European Christmas Survey, consumers in the UK are planning to spend £567 on average during the festive shopping season. This is 42 per cent more than the European average.

The majority of spending by shoppers in the UK will be on gifts (£299), followed by food and drink (£151), socialising (£66) and travel (£51).

Gifts will account for more than half (53 per cent) of the average British shopper's Christmas budget, compared to 43 per cent across Europe as a whole.

The findings also suggested that consumers in the UK are ahead of their European counterparts when it comes to internet spending, expecting to make online purchases worth £240 this year, an increase of four percentage points from 2017.

By comparison, the average European consumer's online spending will be £125 this Christmas.

On the business side, Ian Geddes, north-west Europe head of retail at Deloitte, said the industry needs to be prepared for intense competition over the coming weeks.

"Now is the time for consumer-facing businesses to compete for consumers' share of wallet and do what they can to get a cut of the £567 in expected spending per person," he stated.

"As ever, some will be better at this than others, and the divide between the industry's winners and losers will likely be bigger than ever before."

Other key findings showed that November is the key month for Christmas shopping, with more than half (53 per cent) of UK consumers planning to make most of their purchases in the penultimate month of the year.

Only 12 per cent of survey respondents said they will do most of their shopping in the week before December 25th.

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Image credit: iStock/shironosov

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