Consumers are opting to buy fewer, higher-priced gifts this Christmas rather than buying multiple lower-priced products, a new report has shown.
Shopping centre owner Hammerson found that consumers at Dundrum centre in Dublin treated themselves to handbags from Michael Kors and Marc Jacobs, while Centrale shopping centre in Croydon and Bullring in Birmingham have reported strong demand for high-end watches, particularly those by Rolex.
At The Oracle in Reading there was increased demand for diamond jewellery sets.
Hammerson said cashmere jumpers and gift sets were popular across all centres. Technical outerwear brands also performed well.
Union Square in Aberdeen sold out of The North Face Thermoball jackets, and at Highcross Leicester, consumers have been buying Timberland’s premium coat collection. At Silverburn in Glasgow and Brent Cross in London fake fur coats have been in demand.
Mark Bourgeois, Hammerson managing director UK and Ireland, said: “It is encouraging to see an upbeat attitude towards spending on gifts during the all-important festive trading period.
“We have seen that shoppers are prepared to loosen their purse strings for the right products, be that fashion, toys or jewellery. It seems there has been a marked change in consumer mindset, especially towards jewellery and luxury watches, not solely representing a very special Christmas gift for loved ones, but also purchased as investment pieces.”