Revealed - how Scots plan to celebrate and spend budgets for Christmas 2024

Nearly a quarter (23 per cent) of those surveyed for PwC’s Festive Predictions said they plan to spend more money on Christmas than 12 months ago, compared with just 15 per cent who said the same in 2023.

At the other end of the spectrum, 17 per cent intend to spend less than they did in 2023, fewer than the UK average of 20 per cent.

It is expected that spending on gifts and celebrations UK-wide will reach £22.7 billion, around five per cent up on last year’s £21.6 billion final shopping bill.

PwC partner Ross Marshall said: ““Financial pressures continue to impact on Scots’ buying decisions, but we have seen some uplift in a willingness to spend more than last year on festivities.

“Those who planned to finish their Christmas shopping earlier than usual, or to have their festive hauls completed by Black Friday, are perhaps planning budgets more carefully in the run-up to the festive period to ensure they can still indulge in treats to make the season special.

“Given that so many Scots plan to stay at home to celebrate, it could be the case that any potential travel funds are being channeled into gifts and festive feasts.

“Our findings also suggest that consumers are seeking out the full festive experience, with almost 40 per cent saying they’ll shop in-store - perhaps combining some early Christmas celebrations with their shopping.

“Hopefully this will give stores across Scotland’s high streets and shopping centres - as well as restaurants and hospitality businesses - a festive boost.”

Further predictions reveal that Scots broadly intend to spend Christmas at home - with almost two thirds (62 per cent) of consumers planning on spending Christmas at their own home or with family. A quarter will likely travel within the UK, and just 11 per cent are expected to either visit family abroad or go on holiday over the festive period.

Despite the predicted boom in spending, analysts suggest preparation and budgeting remain key for consumers in the lead up to Christmas. The majority of Scots will have completed present shopping by mid-December. More than a quarter responded that they aimed to have fits bought ahead of Black Friday.

PwC predicts three sectors will be the big winners this Christmas - supermarkets, where food inflation has fallen below two percent and consumers are expected to trade up to premium products; fashion, the number one spending priority for under 25s; and electricals and technological, which is the fifth most important for 2024 consumers after food, Christmas dinner, fashion and stocking fillers.

This year, Black Friday sales boosted retail revenue by more than 10% in Scotland, with footfall increasing by almost 5% compared to 2023.

The Scottish Retail Consortium published data last week on shopping patterns on the Black Friday week in 2024 (Sunday to Saturday sales figures) compared to the equivalent the previous year.