UK retailers to see £1.12bn in sales on Christmas Eve but consumers continue to be cautious
UK retailers are expected to welcome £1.12 billion in sales this Christmas Eve, as consumers pick up last minute essentials for the big day, a new report reveals.
However, that forecast is down 0.9% on 2022 (£1.13 billion) as consumers also continue to be cautious amid the cost-of-living crisis.
The ‘Shopping for Christmas: The build up to Christmas and Boxing Day sales report’ by VoucherCodes.co.uk says that 12 million consumers are set to shop in the UK this Christmas Eve, with 9.9 million planning to head to the high street.
Retailers with physical stores are expected to take £0.92 billion in sales on Christmas Eve, but it’s a different story for online retailers, as just £0.20 billion will be spent by online shoppers on Christmas Eve, largely due to delivery dates not stretching to Christmas Day.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, said: "Despite sales being down from last year, almost 10 million Brits are expected to hit the shops for any last minute essentials on Christmas Eve.
"With just a few hours left until Christmas Day, it’s the last chance to profit from the festive boost in sales - so retailers should make sure they have plenty of stock to ensure they can take full advantage of the extra footfall."
On Christmas Day itself, online retailers are expected to see sales reach £0.95 billion, as 11 million Brits are "expected to take a break from their festivities" to make the most of the post-Christmas sales - a 12% decrease from last year’s spend of £1.08 billion.
Looking ahead to Boxing Day, UK retailers are expected to welcome £3.68 billion in sales, though that will be down 2.9% on 2022 (£3.79 billion), despite inflation.
Around 22.5 million consumers are expected to shop on Boxing Day, with 15.3 million planning to hit the high street.
Additionally, retailers are set to see a total of £13.53 billion in sales during the week of 25-31 December, a decline of 3.8% year-on-year.
