Last-Minute Shoppers Set to Boost Retail Sales
- £1.13bn expected to be spent in-store today for last-minute Christmas shopping
- Retail sales forecasted to increase by 6.6% compared to the same day last year
- 16 million shoppers anticipated to hit physical stores and shopping centers
- Christmas Eve also predicted as a major shopping day with £1.31bn spent, up 17% from 2023
- In-person purchases prioritized due to delivery cut-offs
- Boxing Day sales expected to reach £3.73bn, first increase in three years
The UK high streets are gearing up for a festive surge as consumers rush to buy last-minute gifts, with an estimated £1.13bn expected to be spent in-store today (23 December). According to VoucherCodes.co.uk’s Shopping for Christmas Report, retail sales are forecasted to reach £1.46bn, a 6.6% increase compared to the same day last year. Around 16 million shoppers are expected to hit the shops, with 12.6 million opting for physical stores and shopping centers. VoucherCodes Senior Commercial Director Michael Brandy commented that ‘with just hours to go until the big day, consumers are short on time and money, so offering convenience and genuine value will be key to securing those final festive sales.’ Tuesday (Christmas Eve) is also predicted as another major shopping day with £1.31bn forecasted to be spent, a 17% increase from 2023. 11.6 million people are expected to hit the high street for last-minute gifts and festive food, accounting for £1.08bn in sales. Another £220m will be spent online, but most consumers prioritize in-person purchases due to delivery cut-offs. Brandy added that ‘this Christmas, shoppers are leaving their shopping to the very last minute, which is good news for retailers who can expect sales to rise by 17% compared to last year.’ VoucherCodes predicts that this momentum will continue into Boxing Day sales, with £3.73bn anticipated—the first post-Christmas sales increase in three years.
Factuality Level: 8
Factuality Justification: The article provides relevant and accurate information about the expected spending on high street shopping during Christmas season based on VoucherCodes.co.uk’s report. It also mentions the forecasted sales for Tuesday (Christmas Eve) and Boxing Day. However, it contains some speculative statements about 2025 which is not backed by any data or source.
Noise Level: 3
Noise Justification: The article provides relevant information about last-minute Christmas shopping trends and predictions for Boxing Day sales, but it lacks in-depth analysis or exploration of long-term trends or consequences of these events on the economy or society. It also does not offer significant actionable insights or new knowledge.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the expected increase in retail sales and spending on Christmas shopping, which can impact companies in the retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
www.retailgazette.co.uk