Rising consumer confidence at the start of the golden quarter set the tone for a promising festive 2024, although ultimately it was a mixed period for retailers. The number of consumers buying gifts in 2024 (87%) and the average spent on gifts (£357) was flat year-on-year, with the gift reduction trend, particularly among higher-earners, helping curtail spending. Black Friday also impacted gifting, with more shoppers buying Christmas gifts during this event, 69% compared to 65% in 2023.
29% of gift buyers were involved in Secret Santa exchanges, while 31% chose to give combined gifts instead of individual ones for family and friends. Both behaviours signal a focus on value, as shoppers chose to reduce gifts to manage costs over the festive period. The appeal for fewer gifts will still remain, even as finances improve, driven by concerns about overconsumption. This gives retailers the opportunity to feature second-hand products as cost-effective, eco-friendly gift options.
Looking towards festive 2025, demand should recover further in line with further recovery in disposable income. Middle-income households are expected to play a crucial role in boosting spending, alongside higher-income earners. This broader pool of financially stable shoppers is likely to fuel spending and purchasing for Christmas 2025.
Christmas 2024 brought festive cheer with a focus on value. Improving finances for more consumers signals a brighter outlook for 2025.
Emily Viberg, Retail analyst
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