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Mastercard SpendingPulse reveal Hospitality sector set for a Christmas boost as shoppers hit the high street
There will be a return to bricks and mortar retail this festive season as people head to the high street to do their Christmas shopping, according to new data from Mastercard SpendingPulse.
The forecast predicts a 3.7% increase year on year for instore shopping, as well as a 12.9% increase on spending in restaurants, as people come together to celebrate with friends and family during the festive period between 1st November and 24th December.
Key trends to watch out for in 2023 festive spending:
A return to bricks and mortar stores. As the pandemic reshaped consumer behaviours towards online shopping, this year’s consumers are taking a hybrid approach, blending brick-and-mortar stores and online. The forecasts suggest many are returning to the High Street this holiday season with instore sales expected to grow by 3.7% year on year.
Restaurant spending is up. Building on the ongoing demand for in-person experiences and an eagerness to socialise this festive season, spending in the UK restaurant sector is expected to increase by 12.9% when compared to 2022. This trend will be echoed across Europe*, with overall spending set to increase by 14.4% year on year across the market more broadly.
Dressing to impress. Spending on clothes and jewellery will increase as people dress to impress for the festive period. Analysis of areas of anticipated spending surges show that fashion and accessories-related sectors are both expected to grow this year, by 5.3% and 5.1% respectively when compared to the same period last year.
The big Christmas shop. Spending on essentials, such as groceries, is expected to increase by 4.3% year on year, primarily driven by inflation, but also by the desire from shoppers to consume festive foods and host social gatherings.
Demand for digital. When it comes to gifting, electronic sales are anticipated to be favoured this year, with sales predicted to grow by 5.6% year on year.
Natalia Lechmanova, senior economist, Europe at Mastercard Economics Institute: “Our latest Spending Pulse forecasts show cautious optimism among UK consumers, many of whom will remain cost-conscious this festive season as navigating inflation, higher mortgage payments, and an uncertain economic environment. The good news for UK retailers and the hospitality sector is that there is a continued desire to spend, particularly on gifts and dining out.”
The predicted increase in retail spending should provide some comfort to UK small business owners, particularly those with bricks and mortar stores. Recent research from Mastercard’s Strive UK small business barometer found that around a third (32%) of micro and small business owners were feeling less confident than last year about their business’ performance in the run-up to the Christmas period, but today’s data suggests the outlook is promising.
Mastercard SpendingPulse Anticipated UK Holiday Retail Sales: November 1 – December 24, 2023 vs. 2022
Apparel
+5.3%
Electronics
+5.6%
Grocery
+4.3%
Jewellery
+5.1%
Restaurants
+12.9%
Source: Mastercard SpendingPulse, which measures overall retail sales across all payment types, including cash and cheque.
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- GalaxyOne Cash 3: Earn 4.00% APY in a high-yield cash deposit account FDIC insured up to $250,000. Banking services are provided by Cross River Bank, member FDIC.
- GalaxyOne Crypto: Buy, trade, hold and transfer major blue-chip digital assets, including bitcoin (BTC), ethereum (ETH), and solana (SOL). Transparent pricing, recurring purchases and real-time execution are available on the platform.
- GalaxyOne Brokerage: Access commission-free trading of more than 2,000 U.S stocks and ETFs in individual brokerage accounts. Retirement accounts (traditional and Roth IRAs) are also available. Fractional share trading is available with a $10 minimum per trade. Clients have the option to earn passive income by lending their eligible stocks through the GalaxyOne Stock Lending program4.
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"As technology reshapes how people invest, expectations are clear: more yield, easier access from a single platform, and opportunities that extend beyond traditional boundaries," said Mr. Prince. "GalaxyOne delivers exactly that: a unified opportunity to earn yield on cash, trade crypto, and access U.S. equities, all supported by Galaxy's financial discipline, institutional oversight, and professional team trusted by some of the world's most sophisticated institutions. We have an exciting roadmap ahead and are excited to deliver a differentiated financial experience to our clients. This is just the beginning."
To sign up and learn more about GalaxyOne, please visit: https://one.galaxy.app/sign-up
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