Britons are expected to splurge £3.43 billion on last-minute Christmas shopping during the upcoming “Panic Weekend.” According to VoucherCodes.co.uk, around 49.6 million people are anticipated to partake in festive shopping, with 36.8 million planning to visit physical stores, boosting town and city centers nationwide.
The spending frenzy is projected to peak at an average of £2.3 million per minute on “Super Saturday,” amounting to a total expenditure of £1.75 billion. This weekend is crucial as it is the final opportunity before Christmas for many individuals to complete their gift purchases or even start them.
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 this year compared to last year, representing a 26.2% increase in shoppers.
The positive news for retailers is that the predicted spending surge this weekend is nearly 13% higher than the previous year. Footfall data, indicating the number of shoppers, rose by 5.1% last week, with physical stores experiencing increased traffic.
Retail analysts are optimistic about the final days leading up to Christmas, expecting a further rise in footfall, especially with the upcoming “Super Saturday.” However, the actual impact on retail sales will only be revealed when stores release their festive trading figures in the early part of the new year.
Recent surveys suggest that consumer sentiment may be affected by economic uncertainties, with households expressing more pessimism about their financial outlook than in previous years. This cautious consumer sentiment may influence spending trends in the coming year.