COVID-19 Slashes European Christmas Spending by €30bn
The COVID-19 pandemic is set to significantly impact Christmas spending across Europe. According to Finaria.it estimates, the region with the most significant expected change is Lombardy, Italy. Overall, Europeans are expected to cut their spending significantly due to lockdown measures.
Germany is predicted to see a €4.6bn drop in Christmas spending, while France faces a €13.2bn decrease, the largest among the top three European countries. The UK, Germany, and France combined are expected to witness an almost €30bn plunge. In the UK, per capita spending on clothing and footwear is forecast to drop from €59.3 in 2019 to €31.5 in 2020. Italy and Spain together are expected to see a €12bn decrease in Christmas spending. Despite the overall downturn, online sales in the UK are forecast to hit new records this Christmas season, with a 58% increase compared to last year.
Christmas spending in the United Kingdom is expected to fall by €12.1bn due to lockdown measures. These changes highlight the significant impact of the coronavirus pandemic on consumer behaviour and the economy during the festive season.
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