Retailers are anticipating a 3.31 billion pound boost during ‘Panic Weekend’ (16-17 December), with only 12 days remaining until Christmas.
New insights into UK consumers' festive shopping habits have surfaced, offering a glimpse into the dynamics of the last full weekend before the holidays.
The "Shopping for Christmas Report: The build up to Christmas and Boxing Day sales" by VoucherCodes.co.uk discloses projections for a substantial spending spree, with Christmas shoppers expected to invest 3.31 billion pounds this weekend on last-minute gifts, food, and beverages.
Key Statistics from the report
* 3.31bn pound expenditure forecast, reflecting a 15.3 percent YoY increase.
* Anticipated participation of 38 million people shopping both in-store and online over the weekend.
* ‘Super Saturday’ poised to generate 1.76bn pounds in sales, making it the most lucrative day in the Christmas lead-up.
* ‘Stampede Sunday’ projected to witness 1.55bn pounds in spending over the day.
The Shopping for Christmas report indicates an optimistic outlook for retailers, projecting a huge surge in spending during this year’s ‘Panic Weekend,’ attributed to factors such as inflation and the timing of Christmas. With the event occurring a day earlier this year, retailers gain an additional day to attract consumers, with an estimated 38 million shoppers anticipated, marking an increase of 3.8 million from the previous year.
‘Super Saturday’ (16th Dec) is expected to be the pinnacle of sales activity, reaching 1.76bn pounds. High-street foot traffic is predicted to comprise 12.7 million shoppers, contributing to a spending total of 1.15bn pounds, a 19 percent YoY increase. Concurrently, 6.8 million consumers are projected to engage in online shopping, contributing £0.61bn to the digital sales landscape.
On ‘Stampede Sunday’ (17th Dec), in-store spending is forecasted to reach 0.86bn pounds, involving 10.3 million shoppers. Simultaneously, online spending by 8.2 million consumers is estimated at 0.68bn pounds. Collectively, Sunday 17th is poised to be the second-highest spending day of the week, totaling 1.55bn pounds.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, comments: “This year has been particularly tough for retailers so it’s great to see there’s going to be one more boost to sales before the end of the year.
“With sales forecast to increase by an enormous 15.3% year-on-year and customer numbers set to increase by 10.5% over the weekend, both online and offline retailers should brace themselves for a last-minute festive rush.
“To see the biggest rewards over ‘Panic Weekend’, retailers should prioritise convenience and value above all else. Consumers only have a few days left before Christmas to pick up their festive essentials so by putting popular gifts, food and drink in pride of place and offering discounts on these items retailers will be able to encourage extra sales and create a loyal customer base.”
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