Gloomy Christmas as Brits cut back spending

Most Britons will cut back on expensive food and drink this Christmas, show recent official data, suggesting that UK shoppers are reining in their spending as they head into the last day of Christmas shopping.

According to data from Office of National Statistics, sixty-two per cent of respondents said they would buy less expensive food and drink, while 58 per cent were going to turn their backs on takeaway or restaurant food. Cutting back on the amount of booze and food for Christmas was the priority for 56 per cent of adults.

Eight in 10 adults plan to buy fewer presents, shows recent official data. 79 per cent of adults planned to cut back on the number of presents and 73 per cent said the gifts they bought would be cheaper than last year.

Expensive foodie treats and eating out will get the cold shoulder in many households who are reeling under basic expenses such as gas central heating.

The figures chime with high street footfall figures and a steady decline in online shopping that has forced many retailers to bring forward the traditional January sales. Poor weather and strikes have added to the problems faced by the majority of households whose wages have fallen behind inflation.

UK’s inflation dropped slightly to 10.7 per cent in November from 11.1 per cent in the previous month, but remains well ahead of most pay deals, which average 4 per cent, and the annual increase in total earnings, which averages 6 per cent.

Earlier this week the shopper tracking agency Springboard said the number of visitors to UK high streets was down by a fifth on pre-pandemic levels last week, and almost 1 per cent down on last year when the Omicron variant and some government restrictions led to a very quiet end of the year. Pubs, restaurants and bars experienced a 50 per cent fall in takings this weekend, despite the men’s football World Cup final, according to the Night Time Industries Association.