British businesses fear a gloomy Christmas ahead, as almost half of households plan to cut festive spending due to the soaring cost of living and sales are already falling sharply in inflation-adjusted terms.
Payments processor Barclaycard said 48% of people it surveyed over Oct. 21-24 plan to spend less this Christmas, with 59% intending to buy less generous gifts and 42% cutting back on socialising.
British consumer price inflation returned to a 40-year high of 10.1% in September and the Bank of England last week forecast it would peak at around 11% during the current quarter. "The small rise in sales masked a much larger drop in volumes once inflation is accounted for," the BRC said., which cover more shops than the BRC figures and is adjusted for inflation, showed sales volumes excluding fuel dropped 6.2% year-on-year in September.
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