Brits set to spend despite being ‘less well off’

Household finances are being squeezed across the UK, but retailers are still expecting to see significant spending over the course of the next few weeks, according to one expert.

Richard Dodd, head of media at the British Retail Consortium, suggests that UK consumers are “feeling less well off”, but he maintains that the desire to have a good Christmas will see millions of people head for the high street in any case.

For many people Christmas has become a time to add to debt management difficulties and Mr Dodd is convinced that a lack of disposable income will not deter shoppers from spending hundreds of pounds on gifts and groceries.

“The facts show this year that disposable income has been falling because inflation has been rising faster than average incomes,” he said.

“But the thing with Christmas is that people usually… decide that they will have the presence of the food and drink they want for Christmas.”

The Citizens Advice charity recently called on the business community and regulatory bodies to do more to prevent debt management problems getting out of control for millions more British families.