Despite a sluggish economy during the summer and concerns over global events, most of the printers involved in the survey found the last quarter was better than forecast. Furthermore, the vast majority thought that the coming three months leading up to Christmas would be even better than the past quarter.

"It's very encouraging, not to mention unusual, for printers' expectations to be exceeded over the summer," said Directions author, economics analyst David Ross. "But we shouldn't get carried away. This Christmas will be busy, but we'll have trouble making money out of it."

September-November is forecast to show an improvement in volumes, compared with the same period last year, although rising costs and stable prices will continue to erode profit margins. A particular culprit, said Ross, will be rising energy costs.