London retailers are getting ready for a busy Christmas season, with shoppers in the capital expected to spend an incredible £15.5 billion both in-store and online in the six weeks leading up to December 24th. This represents a 4.6% increase compared to the same period last year, according to a report by VoucherCodes and GlobalData.
The retail industry has faced significant challenges due to the Covid-19 pandemic, so the findings of this report are a welcome relief. Angus Drummond, senior director at VoucherCodes, expressed that this prediction is the positive news that many retailers have been eagerly awaiting as they continue to recover from the impact the pandemic has had on their business.
Supporting this positive outlook for Christmas spending in the capital, the New West End Company, a London business group, has released figures suggesting that a total of £1.2 billion will be spent in the West End region alone during the festive season.
The footfall figures from the New West End Company show a promising start to the season. Visits to popular shopping destinations such as Oxford Street, Regent Street, and Bond Street were 11% higher in the week beginning November 15th compared to the previous week. Footfall in the area has reached 80% of pre-pandemic levels, which is the highest it has been since the first lockdown. However, the absence of international visitors has affected overall spending levels.
Jace Tyrrell, the chief executive of the New West End Company, remains optimistic as footfall continues to grow. He expects domestic customers to make the most of the various discounts and promotions offered by retailers in the district. Retail businesses are determined to capitalize on the festive period to recoup some of their lost revenue.
The report’s predictions for London’s spending are just a part of a wider trend across the UK. The country is set to witness a total spending of £84.7 billion during the Christmas period, representing a 6.3% increase compared to the previous year and a 1.9% increase compared to two years ago.
Overall, the forecast for Christmas spending in London looks bright and provides a much-needed boost for retailers recovering from the challenges imposed by the pandemic. With footfall on the rise and domestic customers eager to take advantage of festive discounts, retailers are hopeful for a positive end to the year.
Useful Links:
1. New West End Company: Learn more about the New West End Company, a business group representing retailers in London’s West End region.
2. VoucherCodes: Find out about VoucherCodes, a platform that offers discounts and promotional codes for various retailers.
