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Highlights:
- The latest survey by Accenture has shown that more than two-thirds of Brits are planning to spend less during the festive season.
- Almost half of the respondents said they are looking to cut back on gifts, while 46% are planning to slash spending on eating out.
Amid the cost-of-living crisis due to high inflation, millions of Brits are cutting down on non-essential spending. Inflation reached 10.1% in September and is projected to rise further in the coming months due to the rising energy bills. As a result, people are set to cut back festive spending this year.
As per a survey published on Thursday, more than two in three Brits are planning to slash festive spending this year due to the high cost of living.
Accenture's survey showed that over three-fourths of adults are not planning a big celebration during Christmas, despite spending the last two Christmases under COVID-19-related restrictions.
Almost half (49%) of the respondents said they are looking to cut back on gifts, 46% on eating out, and 35% are planning to slash spending on both general socialising and food and drink at home.
Image source: non c, Shutterstock.com
Accenture's survey paints a gloomier picture than the recent survey by market research firm Kantar, which said that half of Brits plan to spend less this Christmas.
Another survey from supermarket group Asda on Wednesday showed that British households were £141 worse off in September when compared to the same month last year.
Kalkine Media® looks at some LSE-listed stocks that investors may consider in the wake of this information.
Tesco Plc (LON: TSCO)
The UK's largest supermarket chain belongs to the FTSE 100 index. Earlier this month, it had also warned that while Brits would want to celebrate Christmas, they would seek more affordable ways to do so. The stock has a market cap of £15,770.57 million, and the EPS stands at 0.19 as of 27 October. The stock has given a return of -22.56% over the past 12 months, while the YTD return is -26.80%. TSCO shares were trading at GBX 212.20 at 1:31 pm GMT+1 on Thursday.
J Sainsbury Plc (LON: SBRY)
Another London-listed supermarket chain, J Sainsbury Plc, has a market cap of £4,505.41 million. It has an EPS of 0.30, and a 12-month return of -35.79%. The year-to-date (YTD) return is -29.80%, and the stock was trading at GBX 193.65, up 0.78% as of 1:53 pm GMT+1 on Thursday.
Marks and Spencer (LON: MKS)
Another British retailer is Marks and Spencer, which belongs to the FTSE 250 index. The stock has a market cap of £2,123.47 million, while the EPS is 0.16 as of 27 October. Its 12-month and YTD returns stand at -41.80% and -53.24%, respectively. MKS shares were trading 0.09% lower at GBX 108.00 as of 1:55 pm GMT+1 on Thursday.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
