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BizReport : Trends & Ideas archives : December 16, 2016

Deloitte: Brits enjoying record pre-Christmas discounts

That jingling you can hear is not the sound of sleigh bells, it is the sound of all the money being saved by festive shoppers in the UK who are, for the sixth year in a row, being treated to record pre-Christmas discounts.

by Helen Leggatt

A new retail report from Deloitte, based on the analysis of 300,000 items currently on sale in the UK, reveals that pre-Christmas discounts are averaging around 43.3% and, by Christmas Eve, will hit 54%. Deloitte's analysis found a very wide spread of discounts across the market, ranging from 5.4% to 85.4%.

One reason for the deepening of retail discounts is, says Deloitte, a shift in consumer spending from goods and services towards leisure and entertainment, such as eating out and activity days.

The discounting also follows a tough year for retailers. Unseasonably warm weather has led to many shoppers holding off on big ticket fashion items such as outerwear and boots. Furthermore, Black Friday was very successful and many consumers will have already completed their holiday shopping.

"The fact that we have seen such deep discounts so early is an indication of the level of nervousness from the high street," said Deloitte consumer business partner Jason Gordon. "Economic uncertainty in 2017, particularly around how increasing inflation will affect consumer confidence and spending, has encouraged retailers to err on the side of caution."

Tags: holiday 2016 shopping trends, research, retail, UK

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