Britons are projected to spend £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” According to discount website VoucherCodes.co.uk, an estimated 49.6 million people are expected to engage in festive shopping over the upcoming weekend, with 36.8 million individuals planning to visit brick-and-mortar stores, providing a boost to town and city centers nationwide.
The forecast suggests that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion. This weekend represents the final opportunity before Christmas for many to complete their gift purchases, with some individuals just beginning their shopping.
Zoe Morris, a savings expert at VoucherCodes.co.uk, highlighted the trend of leaving shopping until the last minute, with an additional 10 million shoppers expected to participate in this “Panic Weekend” compared to last year, representing a 26.2% increase in shoppers.
Retailers can look forward to a spending surge this weekend, as the projected expenditure is nearly 13% higher than the previous year. Footfall data, measuring the number of shoppers out and about, increased by 5.1% last week, with the high street emerging as the preferred shopping destination.
As the countdown to Christmas nears its end, retail leaders are encouraged by these positive trends. With the final days of trading underway and “Super Saturday” fast approaching, footfall is expected to rise further, especially over the weekend as shoppers focus on last-minute gift purchases and festive grocery shopping.
The accuracy of these optimistic predictions will become clear when stores begin reporting their festive trading figures in the new year. Concerns about the late Budget announcement in November and fears of potential tax increases leading to decreased consumer spending have been noted.
A recent survey indicates that household sentiment remains pessimistic following the Chancellor’s statement. According to S&P Global, households express more concern about their future financial well-being than they have in years, with heightened uncertainty regarding financial conditions and job security. These challenges indicate a tough economic environment for UK households heading into the new year.
Overall, these economic indicators suggest that consumer spending is unlikely to provide a significant boost to the economy in the coming year.