Britons are planning to party at home and save on trips out this Christmas as the cost of living crisis continues to put a dampener on celebrations, a recent report has stated.
According to a nationwide report by the supermarket group Tesco, a third of 25- to 34-year-olds are planning to host parties in their living rooms this festive season, a 10 per cent increase on last year, as 38 per cent of all Britons say they are planning to go out less in the next few months.
Despite the concerns about their budget, more people plan to make a meat dish their Christmas centre piece – 79 per cent compared with 74 per cent last year. Turkey remains the favourite meat, followed by chicken – which is preferred by 11 per cent of households – and roast beef.
Interestingly, 14 per cent are planning to serve vegetarian dishes and 6 per cent vegan meals – the same proportion as a year ago – suggesting meat-free remains firmly on the table amid reports of gloomy performance of meat-alternative brands such as Quorn and Beyond Meat.
More than two-thirds of households say they will now skip the dessert and almost two-fifths of gen Zs, suggesting a lower demand of traditional favourites including Christmas pudding.
Overall, Britons are expected to buy fewer and cheaper items this Christmas – especially online – as the rising cost of essentials, including groceries and household bills, eats away at their spare cash.
While total spending will rise by 3.4 per cent to almost £110bn in the final three months of 2023, according to retail analysts at GlobalData that is all down to inflation, which remains high at 9.3 per cent, with the volume of goods sold expected to be down.
More than two-fifths of the population say they feel worse off this Christmas than last year and as a result many will cut back where possible, according to research for VoucherCodes.
The number of people visiting hospitality venues, including pubs and restaurants, is expected to fall by 4.5 per cent, according to a separate report for the discount site VoucherCodes, piling further pain on businesses already suffering from increased costs and lack lustre consumer spending.
Sales of gifts and decorations will be the worst hit by consumer cuts, with gift spend falling 3 per cent and decorations by almost a fifth.
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