Britons are expected to allocate a total of £3.43 billion on last-minute Christmas shopping during what is being referred to as “Panic Weekend”. According to the discount site VoucherCodes.co.uk, approximately 49.6 million individuals are anticipated to engage in festive shopping this upcoming weekend, with 36.8 million of them opting for in-store visits, 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”, amounting to a total of £1.75 billion. This weekend represents the final opportunity before Christmas for many to finalize their gift purchases or, in some instances, to commence them.
Zoe Morris, a savings expert at VoucherCodes.co.uk, remarked, “Regardless of how well-prepared you believe you are, there are always a few essential Christmas items that catch you off guard and prompt a rush to the stores. This year, Britons are procrastinating with their shopping until the very last minute, with an additional 10 million people projected to make purchases during this ‘Panic Weekend’ compared to last year—a 26.2% increase in shoppers.”
The positive news for retailers is that the expected spending surge over the weekend is nearly 13% higher than the previous year. Data on footfall, indicating the number of shoppers out and about, rose by 5.1% last week, as reported by MRI Software, with the high street emerging as the clear beneficiary.
“These trends are promising for retail leaders as the Christmas countdown enters its final phase,” stated the report. “With the final 10 days of trading underway and ‘Super Saturday’ rapidly approaching, footfall is expected to escalate further. As schools and many workplaces enter holiday mode this week, the most significant surge is anticipated over the weekend, as shoppers shift their focus to last-minute gift purchases and festive groceries.”
The accuracy of this optimistic forecast will only be confirmed once stores begin reporting their festive trading figures early in the new year. Concerns have been raised that the delayed announcement of the Budget on November 26, coupled with apprehensions regarding potential tax increases, may have impacted consumer spending negatively.
Furthermore, a snapshot survey has indicated that sentiments following Chancellor Rachel Reeves’ statement have not improved. Analysis by S&P Global revealed that households are currently more pessimistic about their future financial well-being than at any point since late 2023.
Maryam Baluch, an economist at S&P Global Market Intelligence, expressed, “The initial household confidence indicator since the Autumn Budget paints a disheartening picture. Sentiments regarding the financial outlook for the next 12 months have deteriorated to the gloomiest level in two years. Current financial circumstances for households have also worsened notably in December, driven by a considerable decrease in available cash for spending and an increasing necessity to accumulate more debt. Confidence in the job market has also faltered, reaching its lowest point in six months, with indications of diminishing job security.”
“In summary, the combination of subdued household confidence and early signs of job insecurity underscores the ongoing challenges faced by UK households as they navigate an uncertain economic landscape heading into the new year. Predictably, spending intentions have declined in this deteriorating financial climate, suggesting consumers are unlikely to significantly boost the economy in the upcoming year.”