Consumer Behavior

Affordability big worry for UK holiday shoppers

Photo by istock.com

October 5, 2022

Affordability is a top worry for holiday shoppers in the U.K. this year, with 41% stating they are not able to afford Christmas and 33% planning to spend less this year than in past years.

Those are top findings from Sitecore's Holiday Shopping Trends 2022 report. The majority of shoppers, 75%, plan to buy cheaper gifts and aim to "put in the work" when searching for the best deal, according to a press release.

Additional findings include:

• 42% are cutting back on personal expenditures like eating out or going out with friends — something that 47% of Millennials will do.
• 42% of parents say they're likely to only buy gifts for their kids this year.
• 37% are using points or rewards they've accumulated with brands over the year.
• 17% are cutting subscription-based services, such as Netflix and Amazon Prime.

"As we continue to face turbulent economic times, our findings serve as a wake-up call for marketers and brands that are launching and optimizing their festive campaigns," Paige O'Neill, chief marketing officer at Sitecore, said in the release. "If brands are to attract shoppers and ensure a successful retail quarter, it's imperative that they respond to customer worries around affordability. Retailers must put measures in place to help ease the pressure on shoppers so they can truly make this Christmas the most wonderful time of the year. Brands can use our data, as well as their own insights, to create personalized content, offers and experiences that will impress customers, earn their trust and ensure they remain loyal during this acute financial crisis."