Nearly two out of three people are planning to reduce their spending on Christmas presents this year, according to auditing firm EY, following its traditional end-of-year survey of some 600 consumers.
The average amount Swiss shoppers intend to spend is CHF282, a good fifth less than a year earlier.
“After weak wage negotiations, another significant increase in health insurance premiums and a second rise in the benchmark interest rate with its repercussions on rents, the outlook for 2024 is gloomy, leading to a delayed effect of inflation,” says André Bieri, specialist for the Swiss market, quoted in the report released on Wednesday.
While women are slightly more likely than men to signal their intention to save, the phenomenon affects all age groups. In terms of gift-giving intentions, money and vouchers remain in first place with 37%, ahead of toys (36%) and food (34%).
E-commerce further strengthens its status as the preferred distribution channel, with a market share expected to reach 41%, up from 38% in the last survey, well ahead of supermarkets and specialist retailers (23% each).
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