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Consumers 'to focus their finances on presents'
15/11/2006
 Spending on socialising could be reduced this year, with consumers choosing to put more of their money towards presents, new research reveals.
The hospitality sector is set to feel the effects of people concentrating their spending on gifts, Deloitte's annual Christmas survey shows. Festive shoppers are expected to spend 22 per cent more on gifts this Christmas, with the total spend to reach £16.9 billion, Deloitte suggests. Many of the gifts bought will be presented at Christmas parties across the country, but spending in pubs and restaurants may suffer as a result, the company states. Tarlok Teji, UK head of retail at Deloitte, said: "Gift retailers can look forward to a bumper year, but the big pullback in spend on socialising may not bode well for the leisure industry, as hotels, pubs and restaurants are expected to be hardest hit." "Expenditure this year on food and drink will be flat and grocery retailers may need to pull out all the stops to attract more customers," Mr Teji added. Almost half of retailers in the UK expect their Christmas sales to increase this year, according to an American Express Retail Monitor report.  Click here for more on London's best events and Christmas parties.
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