How Christmas shoppers are set to spend LESS than last year: Gift-buying is expected to plunge by £600m compared to last year at £4.89bn – as Brits gear up for festive ‘mayhem’ today
Christmas shoppers are set to spend £630 million less on last-minute gifts than last year, new data has revealed.
The final four days before Christmas are expected to make up nearly 40 per cent of the spending in the few days before December 25, data from VoucherCodes.co.uk revealed.
But the amount spent in this time period is expected to go down by £630million, 11 per cent lower than last year.
Today and yesterday were predicted to be the busiest days of the festive period for buying presents on both the high street and online stores, though online sales are expected to be far lower than in-person sales.
A number of retailers have launched half price sales during what has been described as ‘midweek mayhem’ – and others will follow suit before the weekend.
A family pose for a Christmas picture at Covent Garden Market in London on Monday
Shoppers jumps over a large puddles of rainwater on Oxford Street in London on Tuesday
Saturday is expected to see the longest queues in supermarkets, though analysts believe numbers will be down on a year ago with millions already on the road to see family and friends.
One analysis predicts the nation will spend £4.89billion on the four days from December 21 to 24, which would be down 11.4 per cent largely due to the cost-of-living squeeze.
High street sales are set to hit £3.61billion during this period, with online sales reaching £1.27billion, according to the firm’s annual Christmas shopping study, based on consumer surveys.
MRI Software, which measures footfall in stores and retail parks, is predicting that numbers will be up during the middle of the week before dropping away at the weekend.
People visit Covent Garden Market for their Christmas shopping in London on Monday
Christmas shoppers brave the wet weather on Oxford Street in London on Tuesday
It said: ‘As delivery times for online purchases dissipate during the peak Christmas trading week, consumers will turn to their local high streets, shopping centres or retail parks for those last-minute gifts and groceries, resulting in a significant rise in footfall.
‘Wednesday and Thursday are likely to be the peak shopping days this year and is anticipated to be at least 7.3 per cent higher than last year.
‘This rise is expected ahead of what will be the key getaway days this year; Friday and Saturday, also known as ‘Super Saturday’.’
A woman pushes a child in a pram to cross Piccadilly on a rainy afternoon on December 12
It added: ‘On Saturday, retail destinations across the UK are still expected to witness a week-on-week uplift however this will be much more subdued.
‘Year-on-year we anticipate this to be at least 5 per cent lower than last year likely attributed to many people choosing to travel to their Christmas destinations on Saturday.’
Insights Director at MRI Software, Jenni Matthews, said: ‘With no planned rail strikes in the lead up to Christmas Day, unlike last year, many consumers will take the opportunity to head out to retail destinations throughout the course of this week.
‘This much needed boost will be paramount in closing out the Golden Quarter following a challenging year for both the retail sector and consumers.’
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