Just been to do some last minute shopping and have been very surprised at how fewer people were around than on previous Christmases. I put this down to more people buying on-line but then found this:
Six out of 10 UK shoppers plan to spend less this Christmas compared with last year, says a new survey. The study, by app-based loyalty scheme Airtime
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There is certainly no feel good factor on the UK high street.
Might also be a long over due change in social norms, ending the horror show of Xmas as a gigantic garbage potlatch, shifting back to a more modest festival of light, hope, and love!
Naaah, what can I be thinking… must have slept funny. Time to go buy bags of leaded chocolates…
Quite a big drop in festive spending:
Christmas is off to a weak start for retailers relying on the crucial period to boost their sales. Festive spending is forecast to drop 13% to £20 billion ($25 billion) this year, according to a separate survey by PwC that was also released Tuesday.
From when I had my accountancy practice I know that some shops, bars, restaurants, etc relied on Christmas spending for a big chunk of their profits.
Nah, the UK economic cycle is going to go into demand-side economics but that is offset by the US going into it first. In other words the factories will be coming back to the UK as well.