UK shoppers expected to spend £9.21 billion this Christmas week
It is predicted that a whopping estimate of £9.21 billion worth of purchases will be made by 103.6 million shoppers this week, according to new data.
With just three days to go until the big day of gifting, Thursday 22 December is set to see £1.34 billion spent on Christmas shoppers. A report by VoucherCodes predicts that the majority of shoppers (10.1 million) will head out to physical stores as most retailers’ online last order dates have now passed.
There will be an estimated £0.87 billion spent in-store and an additional £0.47 million spent online.
On Friday 23 December, UK consumers are forecast to spend £1.55 billion, a 5.4% rise year-on-year due to National Rail strikes beginning at 3pm on Christmas Eve. For this same reason, brick-and-mortar stores are set to hit a 23% slump in sales on 24 December to £1.13 billion. It will see the lowest sales this week, with in-store sales falling 28% year-on-year.
Maureen McDonagh, SVP International & Managing Director at VoucherCodes.co.uk, commented: “With strikes planned for 3pm on Christmas Eve, we anticipate most shoppers to head out to stores early in order to make it home in plenty of time. For retailers looking to make the most of last-minute shopping opportunities, we recommend beginning running discounts and customer incentives as soon as the shop opens, and promoting them across marketing channels ahead of Christmas Eve to attract customers to store.”
Consumers are forecast to spend £1.08 billion online during Christmas Day. Subsequently, during the Boxing Day sales, shoppers are expected to spend £3.59 billion (a 8.9% decline year-on-year) due to the impact of the cost-of-living crisis.
Maureen McDonagh, continued: “It’s been an undoubtedly difficult year for the retail industry and consumers alike as a result of the cost-of-living crisis... With competition stiff and shoppers savvier than ever, this week, the retailers who prove that they’re committed to providing value for money to their customers by running offers and rewards are likely to see the healthiest profits.”