Britons are projected to spend £3.43 billion on last-minute Christmas shopping during what is being labeled as “Panic Weekend.” VoucherCodes.co.uk anticipates that 49.6 million individuals will engage in festive shopping this upcoming weekend, with 36.8 million planning to visit brick-and-mortar stores, providing a boost to town and city centers nationwide.
The website predicts that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion overall. This weekend is the final opportunity before Christmas for many to complete their gift purchases or, in some cases, start them.
Zoe Morris, a savings expert at VoucherCodes.co.uk, pointed out that despite people’s best efforts to be organized, there are always last-minute Christmas essentials that require a dash to the shops. This year, a significant increase is expected in last-minute shoppers, with an additional 10 million people set to participate in this “Panic Weekend” compared to the previous year, representing a 26.2% surge in shoppers.
Retailers can look forward to a spending surge this weekend, as the projected expenditure is nearly 13% higher than the previous year. Recent data on foot traffic indicates a 5.1% increase in shoppers out and about, with the high street being the preferred shopping destination.
Retail leaders find these trends promising as the final days leading up to Christmas approach. With the countdown to Christmas underway and “Super Saturday” quickly approaching, footfall is expected to rise further. As schools and many workplaces enter holiday breaks this week, the weekend is likely to see a significant uptick in shoppers focusing on last-minute gift purchases and festive grocery shopping.
The accuracy of these optimistic projections will only become evident when stores start reporting their holiday trading figures in early January. The timing of the Budget announcement in late November, along with concerns about potential tax hikes, had initially dampened consumer spending. A post-Budget survey indicates that household sentiment remains pessimistic, with concerns about future financial well-being at a two-year low.
Maryam Baluch, an economist at S&P Global Market Intelligence, highlighted the disappointing consumer sentiment following the Autumn Budget announcement. Household confidence regarding financial outlook for the next 12 months has deteriorated, with current financial conditions also worsening. This challenging economic environment may impact consumer spending in the upcoming year.
Overall, the combination of subdued household confidence and early signs of job insecurity underscores the ongoing economic challenges facing UK households. Consequently, consumer spending intentions have weakened, suggesting limited potential for boosting the economy in the near future.