East Mids consumers to continue spending
East Midlands consumers have pledged to carry on spending this Christmas, according to a survey conducted by Deloitte. Just 13 per cent of respondents said they planned to curtail their spending.
Seventy-three per cent of those surveyed in the region said they were planning to spend the same or more on food and drink this year as they did in 2009, while 69 per cent plan to splash out an equal amount or more on presents.
The business advisory firm’s annual Christmas Retail Survey also found that 59 per cent of consumers in the East Midlands are ‘optimistic’ about the prospects for the UK economy in 2011. Sixty-one per cent believe the financial position of their household will either improve or stay the same.
According to Deloitte, the value of retail spending in the UK is expected to increase by one per cent year on year this Christmas.
The increase will take the value of retail sales in the critical month of December just beyond £37bn, as consumers continue to show resilience in the face of testing economic conditions.
Mark Doleman, consumer business partner at Deloitte in Nottingham, said: “A one per cent increase in retail sales this Christmas caps a remarkable year for UK retail. The industry bucked most forecasts for 2010 and whilst retail sales for the whole year will be broadly flat, in the context of the wider economic environment this is a tremendous outcome.
“Consumers in the East Midlands have pledged to do their bit for the economy by continuing to spend this Christmas and in some cases are prepared to spend more than last year to fully make the most of the festive season.
“Retailers should be encouraged by the generally positive outlook from the public.”
