London as the top city to spend Christmas, albeit with rising costs
Navigating the Christmas Period
With Christmas time around the corner and preparations well under way. Families usually plan visits to see their loved ones, with a new destination in mind or one to return to. London, with its traditional Christmas markets or world famous Winter Wonderland, chilly temperatures and winter activities such as iceskating at Somerset House, seems to be the perfect place to spend Christmas, or at least to go Christmas shopping.
Unsplash: Luke Stackpoole
According to recent data collected by Cloudwards, London with its beautiful Christmas lights and decorations covering shopfronts and illuminating streets, has been rated top of the list as the best place to go for Christmas. Around this time of year, London usually attracts around 24 different countries, making it first in place with Vienna, Prague and Tokyo following closely behind. All three offering a unique cultural and historical experience throughout the Christmas period.
Data from Cloudwards, Created with Excel
When it comes to Christmas spending, regional disparities are evident within the UK, with Londoners leading the way in how much they spend on Christmas shopping according to a data set created by Statista. In London the average per capita expenditure is £977.31, followed closely by the South East and South West regions. In contrast, the North East, Yorkshire and Humberside are projected to have the lowest average spending per capita. Several factors contribute to this: lower or higher income, cost of living and cultural traditions. As well as London and surrounding urban areas often having a higher percentage of affluent individuals and a wider range of high end retailers to attract a large population of wealthier shoppers, for example international customers. No wonder London is such an attractive city to visit at Christmas time.
Data from Statista, Created with Excel
A survey carried out by Statista, focuses on the timeline of Christmas shopping and when people within the UK tend to start preparing for the festivities, as perhaps this explains the amount of money spent.
Data from Statista, Created with Excel
The survey found that a significant portion of the population, (51%) plan to start their Christmas gift shopping before December, signifying a notable shift in consumer behaviour. It seems that many people increasingly prefer to avoid the last-minute rush, which enables a more relaxed and enjoyable shopping experience. The only stress involved would be the rush of the Black Friday sales, but at least consumers would be benefitting from early-bird deals and promotions. While a sizeable portion decides to shop early, a combined 41% of respondents wait until December to make their purchases. With 25% of people starting at the beginning of the month, 10% mid-way through December, 5% a week before Christmas and 1% on Christmas Eve (because lets all agree, that’s a little bit too last minute, even for me!) It’s also worthwhile to note, that a small percentage (8%) of individuals don’t buy Christmas gifts or are undecided on where to start or when to begin. Again this could be due to financial instability through income levels or alternative gift-giving traditions.
According to London Daily News, recent research by Legal & General brings awareness to how some parents in the UK, especially with young children are struggling with the rising costs of Christmas. The findings of this research highlights the significant financial expenditure that comes with the festive season, as ’85% of London parents’ report that it has increased within recent years. With many parents based in London ‘spending an average of £198 per child on Christmas gifts.’ To cope with the cost of Christmas this year, many families have decided to take a more structured approach to their spending, by setting a dedicated budget and nearly 45% of parents having reported on cutting back on other areas of household expenses just to afford festive gifts for their children. Dining out and essential purchases have been put on the back burner, as parents are determined for their children to have a memorable Christmas.
Unsplash: Nathan Lemon
As the Christmas shopping season continues to evolve, the rising cost of living has placed a strain on many households in recent years, forcing families to reevaluate their spending habits. As London remains a top destination for international visitors to spend Christmas it’s important to consider the economic impact of this influx of tourists. While as it boosts businesses and generates revenue making it a vital part of the economy, it also seems to be increasing the cost of living crisis.