Consumers will keep saving rather than go on Christmas spree, say economists

Wealthier households likely to wait for better economic outlook before increasing spending, suggests IFS

A much-anticipated Christmas spending spree is unlikely to materialise despite consumers having around £150bn of savings on deposit to splash on toys, food and festive parties, economists have warned.

According to a study by the Institute for Fiscal Studies, much of the savings built up during the pandemic will remain in household bank accounts until the economic outlook is more upbeat.

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