Christmas forecasts record spending |
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Monday, 12 November 2007 |
Shoppers are expected to spend record amounts of money this Christmas,
defying economists who believe that consumer confidence has been seriously dented by the Northern Rock crisis. The average Briton will spend £706 on retail, socialising, food and drink this Christmas, according to figures to be released this week by Deloitte, the accountant Group. This is 7 per cent more than they spent last year, a rise of more than three times the rate of inflation. The figure flies in the face of suggestions that consumers are tightening their belts in the wake of the credit crunch and the run on Northern Rock in September. In the process of carrying out the survey, Deloitte discovered that shoppers had totally ignored the impact of the Northern Rock crisis when it came to their spending habits.
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