For many gifts retailers, it’s been a slow run up to Christmas, not helped by the weather – rain in November, snow in December, postal and rail strikes and, of course, the cost of living crisis which has dampened consumer spend.
But could today (Friday 23 December) be the day that sees their busiest trading day? According to the retail analysts VoucherCodes, shoppers are forecast to spend £1.55bn, a 5.4% rise year on year.
The last minute shopping frenzy is being linked to the rail strikes that start at 3pm on Christmas Eve, with bricks and mortar stores set to hit a 23% slump in sales to £1.13bn – the lowest sales of the week – with in-store sales falling 28% year on year.
“With competition stiff, and shoppers savvier than ever, the retailers who prove that they’re committed to providing value for money for their customers by running offers and rewards are likely to see the healthiest profits,” commented Maureen McDonagh, svp international and md at VoucherCodes.co.uk.
Consumers are forecast to spend £1.08bn online during Christmas Day. During the Boxing Day sales, shoppers are expected to spend £3.59bn (a 8.9% decline year on year).
Overall, UK shoppers were forecast to spend £9.21bn this week.
Top: Today is forecast to be the busiest day of the week, as people shop for last minute Christmas gifts.
