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As we gear up for another festive season, we delve into the consumer trends shaping our Christmas preparations. Here's what to expect this Christmas:
Increased Holiday Spending
One notable trend on the horizon is that a similar proportion of adults intend to spend more this year on Christmas presents than they did last year with 11% planning on spending more than usual on Christmas presents. While some are planning to spend more, it's important to note that not everyone is breaking the bank this Christmas. According to recent data, 76% of those who have bought a Christmas present in the past year will spend at least the same amount as usual on presents this coming Christmas and around 24% are planning on tightening the purse strings this year (GB TGI 2023).
Generosity in the Younger Generation
What's even more interesting is that those planning to spend more on Christmas presents this year are particularly likely to be in the younger groups, according to GB TGI 2023 data. The younger generations seem to be leading the charge when it comes to spreading holiday cheer and embracing the spirit of giving. This shift could be attributed to changing priorities and values among younger consumers.
Classic Gift Choices
When it comes to the types of gifts people usually buy for Christmas, some classics never go out of style.
It is clear that for some, priorities have changed when it comes to spending habits across the season but this leaves a great opportunity for brands to grab the attention of the big spending groups and also be the carefully considered choice of those being more deliberate with their spending this year.
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