Britons are anticipated to spend a total of £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” The discount platform VoucherCodes.co.uk projects that 49.6 million individuals will engage in festive shopping over the upcoming weekend, with 36.8 million planning to visit physical stores, providing a boost to town centers nationwide.
According to VoucherCodes.co.uk, the expected spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion. This weekend signifies the final shopping opportunity before Christmas, motivating many to complete their gift purchases or even start them.
Zoe Morris, a savings expert at VoucherCodes.co.uk, highlighted the trend, stating that despite efforts to stay organized, there are always some last-minute Christmas essentials that prompt a rush to the stores. This year, there is a notable increase in the number of people leaving their shopping to the eleventh hour, with an additional 10 million shoppers expected to participate in this “Panic Weekend” compared to the previous year, marking a 26.2% surge in shoppers.
For retailers, the positive news is that the anticipated spending spree over the weekend is projected to be nearly 13% higher than the previous year. Recent data on foot traffic indicates a 5.1% increase in shoppers last week, with high street locations emerging as the preferred shopping destinations.
Retail analysts are optimistic about these trends as the Christmas countdown intensifies. With the final days leading up to Christmas underway and “Super Saturday” approaching rapidly, foot traffic is expected to rise further. As schools and many workplaces start their holiday breaks this week, the peak shopping activity is anticipated over the weekend, focusing on last-minute gift purchases and festive grocery shopping.
The accuracy of these predictions will become evident when retailers release their festive sales figures in the early part of the new year. Concerns regarding the late timing of the Budget in November and fears of impending tax hikes had impacted consumer spending patterns. A recent survey suggests that household sentiment post-Chancellor Rachel Reeves’ statement has not improved, with households expressing increased pessimism about their financial outlook compared to previous years.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed disappointment over the latest household confidence indicators, noting a decline in financial optimism and an increase in financial constraints. The combination of subdued household confidence and signs of growing job insecurity point to ongoing challenges facing UK households amidst economic uncertainties.
With spending intentions weakening in the current financial environment, consumers are unlikely to provide a substantial boost to the economy as the new year approaches.
