Deloitte UK’s Christmas Survey shows that 16-24 year olds are less sensitive to the economic downturn. They are less likely to view the current economy as bad and are more likely to be optimistic about prospects for the next 12 months. As a result, they have a more positive attitude to spending. For nearly half of 16 to 24-year-olds, who have grown up in an affluent society with debt and instant credit, it is more important to have a good time at Christmas and worry about the cost later. This compares with 22% of the over 25 year olds.
Going out to clubs, pubs and restaurants for lavish events is over for most in the UK this year. Instead, staying in is set to be the new going out over Christmas as family and friends are entertained at home. Deloittes report that the hospitality and leisure industries loss may well be the retailers’ gain this year, if they have the right product range available. This also means that supermarkets and other food retailers and liquor stores have the opportunity to gain a greater share of the Christmas spend this year.
UK consumers are planning to shop more intensively, visiting shopping centres, the high street, department stores, supermarkets and the internet more than they did in 2007.
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