By Michael Somerville - 10:33AM - Mon 25th November 2013
A quarter of shoppers are planning to spend more this Christmas than they did last year with younger shoppers planning to loosen their purse strings most, according to new research.
45 per cent of 18 to 24 year olds will splash out more and 31 per cent of 25-31 year olds will also spend more on festivities.
The research, of 1,000, gathered by marketing agency Savvy Marketing, says 19 per cent will buy their presents on a tablet. Household tablet ownership has surged from 28 to 46 per cent during the past 12 months.
Alastair Lockhart, Head of Insight at Savvy Marketing said: “It’s interesting that younger shoppers – the age group most affected by the downturn – seem the most optimistic. In part this is because many shoppers start working during this stage of their lives, so they have growing disposable incomes to spend.”
The figures, which do not take into consideration the current inflation rate of 2.2 per cent which is outstripping wage growth, found that 37 per cent of shoppers expect to shop more online this year than in 2012.
However, the familiarity of visiting a physical store remains the most popular choice for consumers with 71 per cent of shoppers heading in-store for the Christmas food shop.
Lockhart said that despite more spending expected, there is a growing sense of resignation about the economy from younger people. “Many see Christmas as the one time of year they can splash out a little extra,” he added.