Families across Europe look set to spend slightly less on average this Christmas, with austerity-hit Greece and Russia showing the steepest declines, a survey showed on Friday. Ciara Lee reports.
The Christmas build up may start earlier every year - but not everyone will be rushing to the shops. A new survey from Deloitte predicts families across Europe will spend less this Christmas, with austerity-hit Greece and Russia showing the steepest declines. Spending will drop nearly 9 percent in Greece and 7 percent in Russia. Across the continent, the festive budget is expected to ease with an average of 513 euros being spent per family. NAB's Nick Parsons. (SOUNDBITE) (English) NICK PARSONS, GLOBAL CO-HEAD OF FX STRATEGY AT NATIONAL AUSTRALIA BANK SAYING: "I think the pinch is being felt for many many people in many many countries, right across the world. This is not just Russia, nor is it just Greece. There is a squeeze on incomes and affordability. And perhaps even slightly changed perceptions about what is and isn't important to spend on." But the decline will be limited compared with the three percent fall last year. It's thanks to consumers perception about the European economy improving Among Europe's biggest Christmas shoppers, families will spend 884 euros on average in Britain and 617 euros in Denmark. One of the biggest turnarounds though may be in France. Christmas shopping there will be up over 0.2 percent compared with a decline of 4.5 percent last year.