Shoppers favour luxury over "volume" gifting this Christmas

UK and Ireland shoppers have been investing in luxury gifts this Christmas as opposed to buying more, cheaper items according to new research from the UK's leading retail property experts Hammerson.

Hammerson, which owns a number of flagship shopping destinations across the country and which recently announced a deal to buy its rival intu, has said that luxury watches and jewellery have sold well across its centres this year.

Both Centrale in Croydon and Bullring in Birmingham reported strong demand for watches with Rolex emerging as the brand of choice but timepieces from fashion designers such as Michael Kors and Marc Jacobs also fared well at Dundrum in Dublin. The Oracle in Reading reported increased demand for diamond sets and premium carat single diamonds.

The recent drop in temperature has also resulted in shoppers upgrading their winter wardrobes with cashmere and technical outerwear performing particularly well. At Union Square in Aberdeen The North Face Thermoball jackets sold out while at Highcross in Leicester, Timberland’s premium coat collection has been a strong performer. Faux fur has been a favourite among shoppers in Silverburn, Glasgow and at Brent Cross in London.

“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," said Mark Bourgeois, Hammerson Managing Director UK & Ireland.

"It seems there has been a marked change in consumer mind set especially towards jewellery and luxury watches, not solely representing a very special Christmas gift for loved ones, but also purchased as investment piece," he added.