More than half of families in Wales plan to spend less money on Christmas this year as the rising cost of living continues to bite.
People in Cardiff are spending less money on festive celebrations, according to stall holders at this year’s Christmas Market.
As the cost of living crisis deepens, many retailers are having to find innovative ways to attract customers.
“People are becoming more cautious about their spending, affecting both sellers and buyers,” said Lu Gossian, a 30-year-old craft seller.
“Handmade goods are still valued, but the impact of rising costs is undeniable.”
Lu’s business Gossian Blurs sells abstract art and hand-painted notebooks, and she believes that her unique offering has helped maintain sales. “All my jewelry is crafted from prints of my paintings, resembling unusual gemstones. It’s a unique selling point, something you won’t find elsewhere,” she said.
“While some prices have increased due to rising costs, I’ve also tried to cater to various budgets. Special deals and freebies like stickers for larger purchases aim to make art accessible to everyone.”
Some traders have found that customers are still willing to spend out on the right products. Tom, 49, who sells Severn Cider, said “The cost of living crisis might affect business, but we’re pleased to be trading in Cardiff. People are spending money, and it’s great to be out. The market is doing well, and we’re surprised.”
“We’re always trying very hard to attract customers. Hot, spicy cider is a hit, offering warmth and enjoyment during colder days. Gift packs are also popular for those looking for unique presents for friends and family.”
And alcohol seems to be something that is resistant to people’s efforts to tighten their belts. James, a 68-year-old co-director at Nidhoggr Mead, provided a unique perspective. “Although the cost of living may impact our business to some extent, I have confidence in the uniqueness of our product—Nidhoggr Mead, a delicious, full-flavored, high-strength mead.”
The Cardiff Christmas Market runs until 23 December this year.