Britons are expected to splash out a staggering £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” VoucherCodes.co.uk anticipates that 49.6 million individuals will engage in festive shopping over the upcoming weekend, with 36.8 million opting for in-store visits, providing a significant boost to town 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 overall. This weekend represents the final opportunity before Christmas, as many rush to wrap up their gift buying or even start it in some cases.
Zoe Morris, a savings expert at VoucherCodes.co.uk, noted, “Regardless of how well-prepared you believe you are, there are always a few essential Christmas items that catch you off guard, prompting a last-minute dash to the stores.”
The positive news for retailers is that the projected spending surge for the weekend is nearly 13% higher than the previous year. Data on foot traffic shows a 5.1% increase last week, with the high street emerging as a clear winner.
Retail leaders view these trends optimistically as the Christmas countdown nears its conclusion. As the last 10 days of trading commence and “Super Saturday” approaches rapidly, footfall is expected to rise further.
The accuracy of these optimistic forecasts will only become clear when stores begin reporting their festive sales figures early in the new year. Concerns over the late timing of the Budget in November and fears of impending tax hikes may have impacted consumer spending, as indicated by a recent snapshot survey.
Households appear to be more pessimistic about their financial outlook compared to recent years, with sentiment towards the future financial health deteriorating. The challenging economic environment, coupled with early signs of job insecurity, pose ongoing difficulties for UK households heading into the new year.
Due to the deteriorating financial environment, consumer spending intentions have worsened, suggesting limited potential for economic growth as we enter the new year.