A typical household spends over £800 extra in December
According to the Bank of England, an average customer in the UK spends over £2,500 per month. However, when it comes to holidays, their spending habits change dramatically.
UK customers have shown a boost in spending during December 2019. Compared to the typical month, books have increased to 85% in sales, whereas alcohol has risen to 30% and food to 20%.
The Bank’s report reveals that the way people buy things is changing. The value of online shopping has nearly doubled over the past 5 years. It now accounts for £1 in every £6 they spend.
Such events as Black Friday and Cyber Monday mean customers spend more in November as well, taking into account that many shops have moved from one-day to a week-long event. This way, retailers aim to attract more customers to buy gifts earlier.
Although consumer spending rose by nearly 10% between November and December, on a seasonally-adjusted basis it actually fell.