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Get your free copy21 November 2008, 14:32 PM
- Eighty percent of Britain will spend less on Christmas than they did last year, according to latest research by the Institute of Customer Service (ICS).
Women will be guarding their purse strings more tightly than men, but all age groups, regions, incomes and professions in the survey have shown their concern over the economic downturn.
“Christmas is the busiest time of the year for many businesses, so this trend will make for worrying reading,” says ICS chief executive, David Parsons. “People will still be buying presents for their loved ones, but with less money to spend they will be more careful where they shop, so it is important for retailers to ensure consumers want to visit their stores.
Spending intentions were remarkably consistent across all income groups with the second highest earning group in the survey – those with an income of £90,000-£99,000 per year – the most likely to spend less. Those earning £80,000-£89,999 were the group most likely to spend more this Christmas.
However, Mr Parsons believes good business practices can help retailers. “It is essential not to overlook the impact excellent customer service can have, especially when staff everywhere are so busy. Getting the basics right of dealing with customers’ needs and priorities, are vital to survival this Christmas.”
