Christmas spending in London’s iconic West End is anticipated to see a slight decrease this year, even though the festive season traditionally draws in millions of eager shoppers. Despite this decrease, a substantial amount of £2.5 billion is still projected to be spent over a span of eight weeks on renowned shopping destinations such as Bond Street, Oxford Street, and Regent Street, ensuring that these bustling areas will continue to attract high volumes of foot traffic.
The New West End Company has foreseen a minor decline in spending for retailers in comparison to the previous year. In 2017, retailers experienced a surge in sales due to advantageous exchange rates following the drop in the pound post-Brexit referendum, which fueled international spending.
Amidst the backdrop of Brexit uncertainty and waning consumer confidence affecting spending trends throughout the year, retailers remain optimistic about the holiday season as a chance to finish 2018 on a positive note. In light of the current challenging market conditions, retailers have shifted towards offering increased discounts to entice consumers in what has become a ‘buyers market’.
To counter the rise of online shopping, retailers have begun to integrate experiential elements into their product offerings to draw customers back into physical stores. The New West End Company is looking ahead optimistically, particularly with the forthcoming introduction of Crossrail and enhancements to public spaces expected to boost annual turnover to an impressive £12 billion by 2020.
In summary, although a slight dip in Christmas spending is predicted for London’s West End this year, the resilience of retailers and their strategic measures suggest a promising holiday season ahead, despite the challenges faced throughout 2018.
For more information on Christmas shopping trends:
New West End Company – Christmas Forecast 2018
To explore the latest retail strategies and consumer behavior:
Retail Gazette – Christmas Spending Forecast
