The average spending on gifts and celebrations is expected to rise from £416 to £433 for each person, the survey of 2,000 adults by the accountancy firm PwC found.
Consumers are likely to be keener to spend after the easing of the cost of living crisis, which affected household finances during 2022 and 2023 after Russia's full-scale invasion of Ukraine prompted global energy prices to soar. UK inflation has dropped from 10.5% in December 2022 to 2.3% in October.
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