Britons are projected to spend a total of £3.43 billion during the upcoming “Panic Weekend” for last-minute Christmas shopping, as estimated by discount site VoucherCodes.co.uk. It is anticipated that 49.6 million individuals will engage in festive shopping, with 36.8 million planning to visit physical stores, providing a welcome boost to town and city centers nationwide.
The spending spree is expected to peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion in expenditures. This weekend represents the final opportunity before Christmas for many to complete their gift purchases, with some only just beginning their shopping.
Zoe Morris, a savings expert at VoucherCodes.co.uk, noted the trend of leaving shopping until the last minute, with an additional 10 million shoppers expected this year compared to the previous year, marking a 26.2% increase in shoppers during this “Panic Weekend.”
Retailers can look forward to a 13% surge in spending compared to last year, with footfall increasing by 5.1% last week, favoring high street stores. As the countdown to Christmas nears its end, retail leaders are optimistic about the upcoming “Super Saturday” and the final days of trading before the holiday break, anticipating a further rise in foot traffic.
The impact of the late Budget announcement and concerns over potential tax hikes on consumer spending remains uncertain, with a snapshot survey revealing a decline in household confidence in financial health. The analysis by S&P Global indicates a heightened sense of pessimism among households regarding future financial prospects, reflecting a challenging economic environment as the new year approaches.
The combination of subdued household confidence and signs of job insecurity highlights the ongoing challenges facing UK households as they navigate economic uncertainties. Consumer spending intentions are expected to weaken further in the face of the deteriorating financial landscape, potentially limiting the economic boost as the country transitions into the new year.