Nearly One in Three Brits to Slap on the Brakes This Christmas Amid Cost of Living Crisis
Christmas Spending Set to Shrink for 30%
Almost a third of British adults are bracing for a tight-fisted Christmas, according to fresh data from PwC. Soaring food, energy prices, and rising mortgage costs are forcing shoppers to tighten belts this festive season.
- 30% plan to spend less this Christmas, with 80% blaming food and energy hikes.
- Over 20% cite ballooning mortgage or rent payments as a factor in cutting spending.
- 18% expect to splurge more than last year, while just over half will maintain their usual spending.
Early Shoppers and Cautious Spirits
PwC’s Lisa Hooker says many Brits want to protect family time and special moments but are cautious with their cash.
“More than a third of consumers plan to start Christmas shopping early, many aiming to spend less overall,” Hooker said.
Despite inflation and cost pressures, consumer demand has stayed strong all year. But recent industry figures hint at cooler spending in September, partly due to the warm weather hurting sales of autumn wear.
Meanwhile, retail giant Tesco remains upbeat about Christmas trading prospects.
Manchester United Shares Tumble Amid Billionaire Battle
Manchester United’s shares plunged 10% on Monday as billionaire Jim Ratcliffe looks to snap up a 25% stake in the club, stirring fears of a full takeover bid by Qatar’s Sheikh Jassim bin Hamad al Thani.
- Ratcliffe’s bid could top $1.5 billion, valuing United near $6.5 billion excluding $600m debt.
- This move outpaces Sheikh Jassim’s rival offer for full ownership, rattling shareholders.
- Fans hope the potential shake-up ends the Glazers’ unpopular reign amidst slipping fortunes.
Ford Pleads for End to Strikes As Costs Mount
Bill Ford, executive chairman of Ford, called on the United Auto Workers to end their 32-day strike, warning of mounting damage to Ford and the wider economy.
“We can stop this now,” Ford urged, stressing the need to wrap up the bitter talks.
The strike has spread to Ford’s Kentucky Truck plant and is allowing rivals like Toyota and Honda to gain ground during Ford’s standstill.
