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05 September 2022
Brands can plan for a frugal Christmas
Money & financeChristmas & festivalsStrategy
Consumers are preparing themselves for a frugal Christmas, playing down expectations, reining in spending and forgoing traditional indulgence, according to a new report* from Mindshare.
Concerns about affordability are on the rise across all income groups
Just a quarter of respondents are feeling positive about the festive season – down almost 25% on the same time last year.
The number of people feeling very negative about Christmas (14%) is almost five times higher than this time last year.
Four in ten Brits are worried about affording Christmas this year as the cost-of-living crisis bites; three in ten expect to rely on credit cards more than in previous years.
The 35-54 age group is most likely to be concerned, with over half worried about covering the cost of the festive season.
Around three quarters of all respondents intend to prioritise saving over splurging (78%), to stay in rather than go out (79%) , and to hold back rather than indulge themselves (74%).
Consumers will make the best of it
Two thirds (67%) say they won’t be asking for much this Christmas while six in ten (59%) want to make sure their kids don’t miss out.
Over half (56%) predict they will be spending on loved ones rather than themselves.
“Regardless of financial position, people will behave very differently this Christmas. All brands, even those that have traditionally been fairly recession proof will need to adapt to this” – Julia Ayling, Head of Research & Insights, Mindshare UK.
*The latest Reality Check report from Mindshare asked more than 1,000 UK adults from all walks of life how they were feeling about Christmas.