M&S says cash-strapped customers buying Christmas gifts early

"People are spreading their Christmas purchases across three or four pay days, rather than relying on cash that they have in hand in December," George Weston, the CEO of Primark-owner Associated British Foods, told Reuters on Tuesday.

British consumers are coping with the hit to their finances by spreading out the cost of Christmas, buying gifts early so they do not face a major squeeze in December, retailer Marks & Spencer said on Wednesday.

Several retailers have noted in recent days how shoppers, desperate to still enjoy the festive season, have started buying gifts early, aware that soaring inflation is eating into the amount of disposable income they have each month. Katie Bickerstaffe, co-Chief executive officer, told reporters on a call that customers have already bought about 30% of their Christmas gifts.

That echoed similar trends seen at supermarket Sainsbury's and fashion retailer Primark. "People are spreading their Christmas purchases across three or four pay days, rather than relying on cash that they have in hand in December," George Weston, the CEO of Primark-owner Associated British Foods, told Reuters on Tuesday.