Britons are expected to spend a total of £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” According to discount website VoucherCodes.co.uk, approximately 49.6 million individuals are anticipated to engage in festive shopping activities over the upcoming weekend, with 36.8 million planning to visit brick-and-mortar stores, boosting town and city centers nationwide.
The spending spree is projected to peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion. This weekend marks 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 until the last minute this year, with an additional 10 million people expected to participate in the “Panic Weekend” compared to the previous year, representing a 26.2% increase in shoppers.
Retailers stand to benefit from the expected surge in spending over the weekend, which is nearly 13% higher than the previous year. Data on foot traffic indicates a 5.1% increase in shoppers out and about last week, with the high street emerging as the preferred shopping destination.
As the countdown to Christmas reaches its final stretch, retail leaders are encouraged by these positive trends. With “Super Saturday” approaching rapidly, footfall is anticipated to rise further, especially over the weekend as shoppers focus on last-minute gift purchases and holiday grocery shopping.
The accuracy of these optimistic predictions will only be confirmed when stores release their festive trading figures in the new year. Concerns over the late timing of the Budget and potential tax increases leading up to Christmas have impacted consumer spending, as reflected in a recent survey showing increased pessimism about future financial well-being among households.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed disappointment in the latest household confidence indicators post-Autumn Budget, citing a bleak outlook on financial conditions for the next 12 months. Economic uncertainties and early signs of job insecurity are likely to challenge UK households as they navigate the evolving economic landscape at the start of the new year.
Overall, subdued household confidence and weakening spending intentions in the current financial environment suggest consumers may not provide a significant boost to the economy as the country transitions into the next year.