Britons are projected to spend a staggering £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” According to discount site VoucherCodes.co.uk, an estimated 49.6 million individuals are expected to engage in festive shopping this upcoming weekend, with 36.8 million planning to visit brick-and-mortar stores, providing a significant boost to town and city centers nationwide.
The forecast indicates that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling £1.75 billion overall. This weekend is the final opportunity before Christmas for many to wrap up their gift purchases or even kick-start their shopping spree.
Zoe Morris, a savings expert at VoucherCodes.co.uk, pointed out that despite one’s level of organization, there are always a few last-minute Christmas essentials that necessitate a rush to the stores. This year, there is a noticeable trend of Britons delaying their shopping until the very last moment, with an additional 10 million people expected to partake in this “Panic Weekend” compared to last year – marking a 26.2% increase in shoppers.
For retailers, the news is positive as the anticipated spending surge over the weekend is nearly 13% higher than the previous year. Recent data on foot traffic reveals a 5.1% increase in shoppers out and about last week, with high street stores emerging as the primary beneficiaries.
As the countdown to Christmas reaches its final stretch, retail leaders are encouraged by these trends. With the last stretch of trading underway and “Super Saturday” rapidly approaching, foot traffic is expected to escalate further.
While stores will only disclose their festive trading figures early in the new year, there is some evidence suggesting that the late timing of the Budget on November 26 and concerns about potential tax hikes had dampened consumer spending. A quick survey indicates that sentiment following Chancellor Rachel Reeves’s statement did not show improvement, with households displaying a more pessimistic outlook on their future financial stability compared to recent years.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed disappointment in the latest household confidence indicators post-Autumn Budget. Financial conditions are reported to have deteriorated, with concerns over reduced available cash, increased debt burden, and waning job security. These challenges underscore the current economic uncertainties facing UK households as they transition into the new year without a significant boost expected from consumers.