Data: 51% of Brits to spend less on alcohol over the Christmas period
Over half (51%) of Brits are to spend less on alcohol than they usually would during the festive season as the cost-of-living crisis bites, new research has revealed.
According to customer insights platform QuMind, 39% also look to cut back on groceries and treats, while 80% are concerned about their spending this Christmas.
As a result, one third don’t want to see extravagant festive adverts this year as 43% say they fear they won’t be able to enjoy Christmas as much as last year as prices continue to rise.
The research also found that Brits are looking to cut prices across the board as 56% expect to buy less presents and 50% are to spend less on decorations.
This comes as the Office for National Statistics said that Consumer Prices Index inflation for September rose to 10.1%, up from 9.9% in August.
“Brands need to be sensitive to the situation their customers are facing,” QuMind CEO Mark Ursell said.
“The typical Christmas adverts showing extravagant celebrations are just not reflective of the celebrations that much of the country will be having this year. Furthermore, they risk adding greater concern and pressure on the majority of Brits that are already worried about Christmas spending.
“As the country faces continued economic difficulties, brands must take the time to understand and on act on what is important to their customers.”
