The UK is ninth of the list of European Christmas spenders far behind Germany.
Christmas spending is set to drop dramatically this year according to research from Ferratum UK.
In 2015 consumers were planning to spend 39% of their disposable income spreading the yuletide spirit a figure that has now reportedly fallen to just 23%.
The UK is ninth of the list of European Christmas spenders far behind Germany who know it’s Christmas Time as consumers there spend 31% of their disposable income in the festive season.
Tony Gundersen, UK country manager for Ferratum Group, said: “With all the uncertainty surrounding the UK economy many consumers intend to tighten their belts, which has resulted in a predicted down turn in average spending.”
These figures come after it was revealed 41% of all purchases in the UK will be made online, compared to the average of 25% across the other countries.
Gundersen added: “The strong appetite for online shopping, combined with the intention to spend less this Christmas, may also be a sign of savvy shoppers in the UK seeking bargains online and taking advantage of high-profile online sales days such as Cyber Monday.”
