Yorkshire shoppers still favouring physical stores over online buys this Christmas: Helen Morgan

In a survey that gathered insights from over 2,000 UK residents, 29 per cent of Yorkshire shoppers are opting to kickstart Christmas shopping early, hoping to alleviate the financial strain of the festive season - whilst adopting a cautious approach and not just when it comes to gifting purchases.

A significant 76 per cent of us intend to tighten our belts across the board - the same as reported in the previous year. When asked about the specific areas they’ll be cutting back, most focus on presents (49 per cent), but food and beverages for home consumption (40 per cent) and dining out (30 per cent) follow closely.

Our region has also voiced apprehensions about "shrinkflation" - the shrinking of product sizes while prices remain constant or even rise. Yorkshire shoppers are savvy - 75 per cent of us have observed decreases in product sizes over the last year, and more than a third (38 per cent) believe that shrinkflation will impact their Christmas spending. This could shift purchasing behaviour, with consumers considering alternative brands and products or adjusting their shopping habits to avoid feeling short-changed.

Remarkably, even in the face of economic challenges and shifting consumer behaviours, 64 per cent of us in Yorkshire still plan on shopping in physical stores to eCommerce. This demonstrates a commitment to the in-person shopping experience and the options it offers to try on or see items before buying, as well as motivation to avoid long waits and delivery costs. Retailers should consider this more closely into the new year and keep offering features and benefits that make the most of the in-person shopping experience in their physical stores.

Continuing to look ahead to January and beyond, the fact that more than a third (39 per cent) of us lack confidence about our financial situations paints a pessimistic picture for 2024.

The ongoing cost-of-living crisis continues to impact us across Yorkshire and the rest of the UK. While the traditional sales leading up to Christmas typically offer significant savings that motivate many consumers to up their spending, we are now seeing a noticeable shift in sentiment. Our shared perception of the value attached to promotions is evolving - retailers must take this into account when planning strategies to attract customers during the festive period and beyond.

Faced with our collective desire to spread Christmas expenses by shopping early and dodging shrinkflation, brand loyalty is giving way to a quest for better value. In this evolving shopping landscape, both consumers and retailers must adapt to shifting preferences and economic conditions. Retailers should search for new, everyday ways to communicate real value to their customers as sales lose their shine, as well as offering enhanced in-store experiences as a means to ensure shoppers feel they are getting the most from their money.

Yorkshire consumers have signalled a shift in our expectations, and the 2023 holiday shopping season will undoubtedly reflect these evolving dynamics.

Helen Morgan is Leeds Regional Lead for Accenture