As the highly anticipated “Panic Weekend” approaches, UK retailers are gearing up for a sales frenzy. This shopping extravaganza, set to take place on 16-17 December, is expected to provide a much-needed festive boost worth over £3 billion ($4 billion), according to a report by VoucherCodes titled “Shopping for Christmas: The build-up to Christmas and Boxing Day.”
The report predicts a significant increase in consumer spending, with a projected rise of 15.3% compared to last year, from £2.87 billion to £3.31 billion. This increase can be attributed to a combination of inflation and the timing of Christmas, which has resulted in an extra day of shopping this year. It is estimated that a staggering 38 million consumers will participate in this shopping spree, either in-store or online, marking an increase of 3.8 million compared to the previous year.
“Super Saturday,” falling on 16 December, is expected to witness the highest sales figures during the week leading up to Christmas, with a peak spend of £1.76 billion. Out of the 12.7 million people expected to hit the high street on this day, an estimated £1.15 billion will be spent, representing a 19% increase. Additionally, 6.8 million consumers are forecasted to shop online, with a total spend of £0.61 billion.
The following day, dubbed “Stampede Sunday,” is projected to see 10.3 million Britons spending £0.86 billion in stores. An additional 8.2 million people are expected to shop online, contributing £0.68 billion to the overall spend. Collectively, Sunday is expected to be the second highest-spending day of the week, with a total spend of £1.55 billion.
Michael Brandy, Senior Commercial Director at VoucherCodes, emphasizes the significance of convenience and value for retailers aiming to make the most of “Panic Weekend.” In a challenging year for the industry, this sales boost provides a welcome opportunity to end the year on a positive note.
With “Panic Weekend” fast approaching, UK retailers are preparing for an influx of shoppers eager to complete their Christmas shopping. The substantial amount of money expected to be spent both in stores and online during this period highlights the importance for retailers to maximize their sales and entice consumers with convenience and attractive offers. As the report suggests, this boost in sales serves as a much-needed relief for retailers after a difficult year and has the potential to provide a festive lift.
Useful links:
– VoucherCodes
– Retail Gazette
