Shoppers are expected to spend £2.87bn this Saturday and Sunday as people ‘panic buy’ during the last full weekend before Christmas day.
The Shopping for Christmas: The build up to Christmas report by VoucherCodes forecasts that retail sales will rise by 4.4% from 2021 (£2.75bn). This comes as 34.2 million British consumers are expected to make a purchase over the weekend.
Retail sales and shopper numbers are expected to peak on ‘Super Saturday’ (17 December) when 17.4 million people will spend either online or in-stores. As consumers rush to finish their last-minute Christmas shopping, they’re expected to spend £1.63bn, the majority of which will be spent in stores (£0.97bn) as 11.2 million shoppers hit the high street, supermarkets and shopping centres. A further £0.63bn will be spent online by 6.2 million shoppers.
Looking at ‘Stampede Sunday’ (18 December), sales are expected to hit £1.24bn as 16.8 million people shop online and in-store. Whilst this is the lowest spend across the week leading up to Christmas, retailers can enjoy a rise of 22.8% on the previous year when £1.01bn was spent.
This rise in spend comes from an increase in offline spending, from £0.62bn in 2021 to £0.65bn in 2022, but primarily from a large rise in online spending from £0.38bn to £0.57bn. As ‘Stampede Sunday’ occurs a day earlier than last year, shoppers have more time to order online and guarantee delivery in time for Christmas.
Maureen McDonagh, SVP International and Managing Director at VoucherCodes.co.uk, commented: “Whilst retail sales over the six week Christmas period are set to be down 3% YoY, retailers will be relieved they can expect a last-minute boost over the weekend before Christmas, as shoppers rush to stock up on festive essentials.
“Consumers will be cutting back this Christmas in response to the cost-of-living crisis but, as our report shows, they’re still planning on making the best Christmas with what limited budget they have. This means retailers should focus on offering their customers real value this festive season, with deals and the best discounts possible.”
NAM Implications:
- Some fingers are being crossed, big time!
