Christmas is the biggest event in every retailer’s calendar and this year, retailers can expect a bumper Christmas with over £11 billion being spent on Christmas presents with the figures up by ten per cent on 2005 figures, according to new research.
On top of this, UK consumer spending will increase by six per cent to £33 billion in December compared to the figures for the same period last year, said the British Retail Consortium (BRC).
The BRC claims, in the two weeks leading up to 25 December alone, £15 billion will be spent in British high streets.
BRC director general Kevin Hawkins said, "These are encouraging predictions for the retail sector after a tough year which has seen a slump in consumer confidence, escalating costs and falling prices. The high street is definitely eager for a boom Christmas."
He added, "Christmas is by far the most important time of the year for many retailers and it is also the best indicator of how confident consumers are heading into the New Year. I think sales figures this Christmas will give us a genuine read on the state of the economy in the short term."
The trade association also stated that Britons will spend an average of £390 on Christmas gifts with festive season, up 18 per cent from 2005 while ten million turkeys and seven million Christmas trees will be bought.
|
