Britons are expected to spend a staggering £3.43 billion during the upcoming “Panic Weekend” for last-minute Christmas shopping. A forecast by discount website VoucherCodes.co.uk indicates that 49.6 million people will be partaking in festive shopping activities, with 36.8 million individuals planning to visit brick-and-mortar stores, giving a much-needed boost to town and city centers nationwide.
The peak spending is anticipated to hit an average of £2.3 million per minute on “Super Saturday,” amounting to a total of £1.75 billion. This weekend serves as the final opportunity before Christmas for many to complete their gift purchases or even start them in some cases.
Zoe Morris, a savings expert at VoucherCodes.co.uk, highlighted the trend of leaving shopping to the last minute, with an additional 10 million shoppers expected this year compared to last year, reflecting a 26.2% increase in shoppers during this “Panic Weekend.”
Retailers can expect a significant increase in spending compared to last year, with a nearly 13% rise forecasted for this weekend. Recent data on footfall, measuring the number of shoppers, showed a 5.1% increase last week, with traditional high street stores witnessing higher foot traffic.
As the countdown to Christmas nears its end, retail leaders are optimistic about the uptick in footfall, especially with the approach of “Super Saturday.” The upcoming weekend is expected to see a surge in last-minute shopping for gifts and festive groceries as schools and offices close for the holiday season.
The impact of these shopping trends will become clearer when stores release their festive trading figures in the early months of the new year. Concerns over consumer spending were fueled by the late announcement of the Budget on November 26 and worries about potential tax hikes, leading to a cautious outlook among households.
A recent survey by S&P Global revealed a decline in household confidence following the Autumn Budget, with sentiment towards future financial health hitting a two-year low. The report emphasized the challenges faced by UK households amidst economic uncertainty, with spending intentions dampened by the prevailing financial environment, indicating a cautious consumer approach heading into the new year.