Christmas will be tough, but real crunch will come in March 2012

摘要

Christmas 2011 promises to be the most important moment in retail trading for many years. Demand has been softening throughout the year, as the impact of the government's debt reduction strategy has started to filter through to the pockets of consumers. It is very difficult to see where sales growth will come from this Christmas. Although consumers tend to display remarkable resilience at this time of year, the gradual squeeze on disposable income means that a flat Christmas is the most positive outcome UK retailers can expect.