PwC: Top 10 Christmas spending predictions for 2020
Who will be the winners and losers this Christmas? After a year shaped by COVID-19, UK retailers have faced unprecedented challenges from record store closures to the prediction by PwC that 70% more festive gifts will be bought online this year.
“Much like the rest of the year, Christmas 2020 is unlikely to be ordinary. Smaller family gatherings and lockdowns will have an effect on how much we'll spend, what we'll buy and where we buy it,” comment PwC.
“In a highly unusual year, we’re seeing people planning smaller, closer-to-home and more family-oriented Christmas celebrations… there's been an acceleration in the long-term shift to shopping online.”
A snapshot of PwC’s survey of 2,013 respondents in the UK reveals:
- 46% will celebrate at home with only immediate family
- £20bn will be spent on Christmas presents and celebration
- 28% of Christmas presents will be done in local or independent retailers