UK shoppers are predicted to spend £5.2bn on Christmas shopping this weekend in four days of panic buying – with in-store spending outstripping online by around three to one – according to a new report.
The VoucherCodes.co.uk Shopping for Christmas 2020 report, carried out by the Centre for Retail Research (CRR), estimates that shoppers will spend a total of £1.55bn both online and offline – a 19% increase on 2019. This equates to £1.1bn in-store and £450m online.
Despite tier systems being in place across the UK, 11 million shoppers are expected to hit the high street on Friday, with some only just starting their Christmas shopping this weekend.
Super Saturday (19 December) is set to be the peak trading day in December for stores in the lead up to Christmas with 11.5 million shoppers planning to visit their favourite retailers’ physical shops. It is predicted footfall will be up 12% in comparison to 2019. Despite this, forecasts predict that £1.6bn will be spent – £1.4bn offline and £250m online, which is 3% less than in 2019.
London is expected to lead the charge in terms of spending across Frenzied Friday and Super Saturday with a total of £504m being splurged in the capital followed closely by the South East at £485m.
By the time Stampede Sunday (20 December) rolls around, £850m will be spent in-store by 8.5 million shoppers (down 8% compared to last year), with the high street and supermarkets expected to be especially busy due to most online retailers no longer being able to guarantee delivery in time for Christmas.
Panic Monday (21 December) is also likely to be a big shopping day. With only four days left until Christmas, a huge 11 million shoppers are expected to stock up on Christmas day essentials on Monday, spending a total of £1.3bn in stores – a 0.8% rise from 2019.
Anita Naik, Lifestyle Editor at VoucherCodes.co.uk, comments: “The last full week before Christmas is always a busy period for retailers both offline and online. After a difficult year for the high street, it’s encouraging to see spend is predicted to hit £2.5m in-store evert minute. Most people will be using this coming weekend to stock up on food items, last minute presents and maybe an extra bottle or two of bubbly.”
Naik adds: “If you are planning to do all your Christmas shopping online this year, make sure you order with plenty of time. Most online stores will no longer be able to guarantee delivery in time for Christmas after December 18th. Shopping for Christmas can be overwhelming especially as the big day draws nearer. However, it’s important to make sure you’re not panicked into spending more than intended.”