UK shoppers are planning to party at home to save on trips out this Christmas, according to new research from Tesco, as the cost-of-living crisis continues to put pressure on celebrations and household budgets.
According to The Guardian, the Tesco report found that a third of 25 to 34-year-olds are planning to host parties in their living rooms this festive season, a 10% increase on last year.
Overall, 38% of all Britons surveyed said they plan to go out less in the next few months.
A report from VoucherCodes found that the number of people visiting hospitality venues, including pubs and restaurants, is expected to fall by 4.5%.
Britons are now expected to buy fewer and cheaper items this Christmas – especially online – as the rising cost of essentials, including groceries and household bills, continues to drain disposable incomes.
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While total spending will rise by 3.4% to almost £110bn in the final three months of 2023, according to retail analysts at GlobalData, that is all down to inflation, which remains high at 9.3%.
However, this year there is evidence that British consumers are already cutting back on spending.
Figures from the Office for National Statistics showed retail sales volumes fell by 0.9% in September compared with a month earlier, as consumers cut back on non-essential spending.
