Research from CACI, the consumer and location intelligence specialist, has indicated that the UK economy will receive a significant boost from consumer spending this Christmas.
According to the survey of 2000 people, 62% of consumers say they will spend more or the same as last Christmas. In addition, CACI’s data reveals retailers can look forward to £3bn of spend staying in shoppers’ pockets until stores re-open in December.
Other key highlights from the survey include: the increase o the average spend is likely to be £390; 40% of consumers plan on waiting until the shops reopen next ; the online halo effect will increase to 62%; and 46% of consumers are going to purchase from the website of the specific brand that they can no longer visit in person.
Alex McCulloch, director of CACI, said Christmas is going to be an even more crucial period this year: “Our latest consumer survey is evidence there is still hope of a solid spending period for Christmas shopping, but it is key bricks and mortar retail can re-open at the beginning of December.
“That said, it also highlights just how quickly consumers are changing their habits. Back in March, CACI found consumer trends moved forward five years in the space of two weeks, and this survey highlights the implications of such huge shifts in behaviour. Those retailers able to be flexible and adapt will benefit, leaving those that cannot, or will not, change behind.”
The latest consumer survey follows CACI’s results on worker spend potential, and its new data-driven performance lease model to aid the retail sector which launched earlier this year.