‘Tis the spending season
The season of gift giving is upon us. The UK plans to spend a total of £27.6 billion on Christmas gifts in 2023, up 37% from £20.1 billion in 2022.
Unwrapping the data, that’s just over one quarter (27%) of the total amount spent on property so far this year. Close to £104 billion has been spent on property transactions so far this year.
45.8 million adults in the UK (86%) plan to buy Christmas gifts in 2023, a decrease from 89% of adults in 2022.
Gen Z is planning to fork out the most, with an average spend of £828 each. Source: #Dataloft (https://inform.dataloft.co.uk/), UK HPI (data to September 2023) based on the average transaction values, Finder.
What do Jukes Estate Agents Harlow think?
‘Tis the spending season
Jukes Estate Agents Harlow enjoy collecting this data. Having said that, this set of figures has left them a little speechless.
“Stats like this never cease to amaze me”. said co owner Lee Venables. “Gen Z are people born between 1997 and 2012, so many are children”. “The fact that their average spend is £828 each means many are spending an absolute fortune” he said.
Firstly, spending on gifts has risen by 37%!
Secondly, there has been a decrease in how many are buying (89% to 86%!
Therefore, with 14% not buying gifts, we just hope it’s a choice and nothing else!