17.1 million consumers to shop today on ‘Panic Monday’ ahead of Christmas
With just six days left until Christmas, 17.1 million consumers are forecast to shop today, 19 December, in a “last-minute Christmas shopping frenzy”.
More consumers are set to shop today than any other day in week up to Christmas, with £1.25bn to be spent both online and offline.
However, sales will be down by 10% versus ‘Panic Monday’ 2021 (£1.39bn) due to consumers cutting back in response to the cost-of-living crisis, according to the latest findings from VoucherCodes’ ‘Shopping for Christmas Report: The build up to Christmas’.
The majority of people will shop in brick-and-mortar stores (10.7m), spending £0.73 million over the course of the day - a decline of 24.7% year-on-year.
But, in good news for online retailers, a further £0.52bn will be spent online as 6.4 million people squeeze in purchases before the Christmas last order dates. That’s a rise of 23.8% year-on-year, likely because Christmas is a day later and therefore consumers have an extra day to shop online, despite postal strikes creating uncertainty as to whether items will be delivered in time for Christmas.
Maureen McDonagh, SVP International and Managing Director at VoucherCodes.co.uk, said: “Retailers have had a tough few months and unfortunately this ‘Panic Monday’ is no exception. However, strong customer numbers and online sales figures will make up for some of the decline in in-store spend. Plus, as Christmas falls on Sunday, sales will be spread over more days meaning more opportunities for customers to shop and get a great deal.
“Whether in-store or online, retailers hoping to gain from the last-minute shopping rush should make sure any deals and discounts are front-of-focus to show customers what’s on offer. This will also help to demonstrate that your brand is offering genuine value to the consumer.”
The shopping predictions come from an independent report created by VoucherCodes.co.uk in October 2022, with the final report prepared by GlobalData, a company which provides comprehensive data and insight on retailers, markets and consumers globally.
VoucherCodes is a UK website which helps millions of consumers “shop with the brands they love, for less”. Every week its members receive a newsletter packed with the very best offers and deals from the UK’s favourite retailers, restaurants and attractions.