High streets across the UK are preparing for a bustling shopping day as consumers aim to secure last-minute Christmas essentials.
- Today, December 23rd, is forecasted to see in-store spending reach £1.13bn in the UK.
- Retail sales across both online and physical stores are expected to hit £1.46bn, marking a 6.6% increase from last year.
- An estimated 16 million shoppers are expected, with the majority favoring in-store visits.
- The trend of late shopping is anticipated to boost sales, pleasing retailers amidst the festive rush.
High streets across the United Kingdom are facing a significant day of consumer activity, with spending predicted to hit £1.13 billion in physical stores alone as people rush for last-minute Christmas purchases. As noted in the Shopping for Christmas Report by VoucherCodes.co.uk, total retail sales, including online and in-store transactions, are anticipated to peak at £1.46 billion for today. This represents a notable increase of 6.6% compared to the same day in the previous year.
The expectation is for around 16 million shoppers to participate in the festivities, with a significant portion, approximately 12.6 million, choosing brick-and-mortar outlets and shopping centers over online platforms. The urgency driven by limited time and budget is a factor, with suppliers focusing on convenience and value to attract these last-minute buyers. Michael Brandy, a senior commercial director at VoucherCodes, emphasized the importance of these elements in securing final festive sales.
Attention is also turning towards Christmas Eve, which is forecasted to be another day of high activity, with £1.31 billion expected to be spent, surpassing the numbers seen in 2023 by 17%. On this day, 11.6 million people are projected to take to the streets for gifts and festive foods, leading to store revenues nearing £1.08 billion. The remaining spending is likely to occur online; however, with many delivery deadlines already passed, the focus will predominantly remain on in-store purchases.
Retailers are optimistic as this pattern indicates a significant jump in sales, with expectations of a 17% increase compared to last year’s figures. Moreover, the momentum is anticipated to carry on into the Boxing Day period, with projections of £3.73 billion in expenditures, representing the first post-Christmas sales growth in three years. Bargain hunters are expected, leading to high foot traffic and virtual store visits.
The UK retail sector is witnessing a strong consumer turnout for Christmas, leading to a positive outlook for end-of-year sales.
