Britons are expected to splurge a staggering £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend.” According to projections by discount website VoucherCodes.co.uk, approximately 49.6 million individuals are anticipated to engage in festive shopping over the upcoming weekend, with 36.8 million planning to visit brick-and-mortar stores, giving a much-needed boost to town and city centers nationwide.
The forecast suggests that spending will peak at an average of £2.3 million per minute on “Super Saturday,” totaling an estimated £1.75 billion. This weekend marks the final opportunity before Christmas for many to wrap up their gift purchases, with some only just embarking on their shopping journey.
Zoe Morris, a savings expert at VoucherCodes.co.uk, noted the trend, stating, “Regardless of how prepared you may feel, there are always a few essential Christmas items that catch you off guard, prompting a last-minute rush to the stores. This year, Brits are procrastinating more, with an additional 10 million people expected to participate in this ‘Panic Weekend’ compared to last year, representing a 26.2% surge in shoppers.”
Retailers can look forward to a spending spree over the weekend, as the projected expenditure is nearly 13% higher than the previous year. Recent data on footfall, which tracks the number of shoppers out and about, rose by 5.1% last week, with the high street emerging as the preferred shopping destination.
“This upward trend is encouraging for the retail sector as we approach the final countdown to Christmas,” stated an MRI Software spokesperson. “As we enter the last 10 days of shopping, with ‘Super Saturday’ fast approaching, footfall is expected to rise further. With schools and many offices breaking for the holidays this week, the weekend is likely to see a significant uptick in shoppers focusing on last-minute gift purchases and festive groceries.”
Consumer sentiment following the late November Budget announcement and fears of impending tax increases have dampened spending, as evidenced by a recent survey conducted by S&P Global. Household confidence in financial health has declined, with current conditions deteriorating, leading to increased debt burden and concerns over job security.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed concerns, saying, “The latest household confidence data post-Autumn Budget paints a bleak picture. Sentiment regarding financial prospects over the next 12 months is the most pessimistic in two years. With weakening financial conditions and job uncertainties, UK households are facing challenges as they navigate economic uncertainties heading into the new year.”
The outlook for consumer spending remains subdued in the face of a challenging economic environment, indicating limited potential for an economic boost as we transition into the new year.