UK shoppers are likely to leave their festive shopping until the 11th hour in a bid to bag a bargain and pit retailers against each other, a new report shows.
According to consumer analytics company Foresight Factory, this price-slashing approach is counter-productive for retailers as UK consumers are savvy and know price cuts are coming so are now holding out for the best deal.
Foresight Factory also reported that UK consumers have been showing a number of distinct behavioural trends, dating back to the same time last year, including early bargain hunting focused on Black Friday.
While many shoppers are making last minute splurges, the organisation’s research indicates that almost one in five consumers had already purchased a Christmas gift in early May, while 29% had by early October.
Christophe Jouan, CEO and co-owner of Foresight Factory, explained: “The continued decline of consumer purchasing power alongside the precarious political context of Brexit has unsurprisingly hit consumers’ confidence, and this is expected to impact and materially alter the way people approach the Golden Quarter.
“Last year, we saw consumers attempt a variety of tactics so that they could celebrate Christmas while getting the best bang for their buck, and these will likely be magnified this year.