Britons are projected to spend a substantial £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 expected to engage in festive shopping over the upcoming weekend, with 36.8 million planning to visit brick-and-mortar stores, providing a 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 around £1.75 billion. This weekend is the final opportunity before Christmas for many to complete their gift shopping or, in some cases, begin it.
Zoe Morris, savings expert at VoucherCodes.co.uk, commented that despite efforts to stay organized, there are always some last-minute Christmas essentials that prompt a rush to the shops. She highlighted that this year, a significant 10 million more people are anticipated to partake in shopping during this ‘Panic Weekend’ compared to the previous year, representing a 26.2% increase in shoppers.
The positive news for retailers is that the predicted spending spree over the weekend is nearly 13% higher than last year. Recent data on footfall, indicating the number of shoppers out and about, rose by 5.1% last week, with the high street emerging as the preferred shopping destination.
Retail leaders find these trends encouraging as the final countdown to Christmas commences. With the last 10 days of trading underway and ‘Super Saturday’ fast approaching, footfall is expected to increase further. As schools and many offices enter holiday break this week, the strongest upsurge is anticipated over the weekend as shoppers focus on last-minute gift purchases and festive grocery shopping.
The accuracy of these optimistic forecasts will be confirmed once stores begin reporting their festive trading figures early in the new year. Concerns have been raised about the impact of the late Budget announcement on November 26 and apprehensions regarding potential tax hikes on consumer spending.
A quick survey suggests that sentiment following Chancellor Rachel Reeves’ statement has not improved, with households expressing more pessimism about their future financial well-being compared to late 2023. Maryam Baluch, economist at S&P Global Market Intelligence, highlighted that households are facing deteriorating financial conditions accompanied by early signs of job insecurity, indicating ongoing challenges as the UK navigates an uncertain economic landscape heading into the new year.