Consumers 'are likely to hit the shops again this Christmas'
Consumers have had enough of cutting back on spending after "12 months of depravation" and are likely to spend more this Christmas using payment methods such as debit and credit cards, according to a retail research organisation.
Consumers 'are likely to hit the shops again this Christmas' ”
Professor Joshua Bamfield, director of the Centre for Retail Research, said that consumer spending is likely to start increasing.
He suggested that Brits are deciding that they cut back on spending last Christmas and this year they will spend money again.
They understand the state of the economy and see that the end of the world hasn't come as a result of the recession and so will spend, he explained.
Mr Bamfield's comments come as the British Retail Consortium released its BRC-KPMG Retail Sales Monitor, which showed UK retail sales values increased by 3.8 per cent in October in comparison to the previous year, when sales had fallen by 2.2 per cent due to the influence of issues in the financial markets affecting consumer confidence.
The director noted: "We're not predicting a fire sale where everyone's going to rush into the shops and inundate retailers with purchases", but added that retailers will be quietly confident that spending will increase this year.
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