Home Business NewsBusinessBusiness Growth News Retails will have receive a £3.31 billion festive boost this ‘panic weekend’

Retails will have receive a £3.31 billion festive boost this ‘panic weekend’

by LLB Finance Reporter
13th Dec 23 12:10 pm

This ‘Panic Weekend’ (16th-17th December) shoppers are set to spend £3.31bn as they rush to finish their Christmas shopping, according to a new report.

The Shopping for Christmas: The build up to Christmas and Boxing Day report by VoucherCodes.co.uk, forecasts a strong weekend of sales for retailers with spend set to rise by 15.3% versus 2022 (£2.87bn) as inflation and the timing of Christmas bump up sales.

With ‘Panic Weekend’ falling one day earlier this year, retailers have an extra day to entice consumers to spend, with 38 million consumers expected to shop either in-store or online over the weekend – 3.8 million more than last year.

‘Super Saturday’ (16th Dec) will see the highest sales figures over the week leading up to Christmas, peaking at £1.76bn. Whilst 12.7 million people are forecast to hit the high street spending £1.15bn (+19%), a further 6.8 million consumers will shop online, spending £0.61bn.

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When it comes to ‘Stampede Sunday’ (17th Dec), 10.3 million Brits are forecast to spend £0.86bn in-stores. A further 8.2 million people will shop online from the comfort of their homes, spending £0.68. This makes Sunday 17th the day with the second highest spend across the week at £1.55bn.

Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, said, “This year has been particularly tough for retailers so it’s great to see there’s going to be one more boost to sales before the end of the year.

“With sales forecast to increase by an enormous 15.3% year-on-year and customer numbers set to increase by 10.5% over the weekend, both online and offline retailers should brace themselves for a last-minute festive rush.

“To see the biggest rewards over ‘Panic Weekend’, retailers should prioritise convenience and value above all else. Consumers only have a few days left before Christmas to pick up their festive essentials so by putting popular gifts, food and drink in pride of place and offering discounts on these items retailers will be able to encourage extra sales and create a loyal customer base.”

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