Xmas spending down, says AXA

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Xmas spending down, says AXA

Thu 14th Dec 2006

Britons are planning on cutting their spending this Christmas by 12 per cent in comparison with last year, according to research undertaken by AXA.

Despite the projected shortfall in spending on last Christmas, Britain has been found to be second in the festive season spending league table, beaten only by the US.

The Spanish were found by AXA to be cutting their spending by 26 per cent on last Christmas, the largest drop, though all nations were discovered to be curbing their spending habits during yuletide.

However, this prediction does not match the one expressed by the British Retail Consortium (BRC) who found Brits to be planning on spending an additional six per cent than last year.

Explaining the discrepancy, a spokesperson for the BRC, Richard Dodd, stated: "It may be that the figures they estimated were down on last year but that actually in practice that turns out to be different.

"It is a bit like when you say to people: 'Would you be happy to pay more tax if it was spent on education.' Everybody always says yes – but when you actually get down to stumping up for it or voting for it, what people actually do turns out to be very different."

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