Britons are expected to splash out a total of £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” VoucherCodes.co.uk projects that 49.6 million people will engage in festive shopping this weekend, with 36.8 million opting for brick-and-mortar stores, providing a much-needed boost to town centers nationwide.
The website anticipates that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion. This weekend represents the final opportunity before Christmas for many individuals to either wrap up their gift purchases or, in some cases, kick off their shopping spree.
Zoe Morris, savings expert at VoucherCodes.co.uk, highlighted the trend of leaving shopping until the last minute, with an additional 10 million shoppers expected to participate this “Panic Weekend” compared to last year, marking a 26.2% increase in shopper numbers.
Retailers can rejoice as the estimated spending surge this weekend is nearly 13% higher than the previous year. Footfall data, which measures the volume of shoppers, rose by 5.1% last week according to MRI Software, with high street locations emerging as the primary beneficiary.
The positive trends in consumer behavior leading up to Christmas are seen as encouraging for retailers as the countdown to the festive season approaches its climax. The upcoming “Super Saturday” is expected to draw even more foot traffic as schools and offices close for the holidays, with a focus on last-minute gift purchases and festive groceries.
The true impact of these predictions will only be evident once retailers release their holiday trading figures in the early months of the new year. Concerns linked to the late timing of the Budget announcement and fears of potential tax hikes have been cited as factors dampening consumer spending. Additionally, a recent survey indicates a prevailing pessimistic sentiment among households regarding their future financial well-being, creating uncertainty as the year draws to a close.
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