The Shopping for Christmas: The build up to Christmas and Boxing Day sales report by VoucherCodes forecasts that retail spending will decrease by 12 per cent YoY (down from £1.55bn in 2022), despite 15 million consumers heading to their local stores on Saturday 23rd.
Retailers can expect a busy day, as 11.6 million consumers are set to dash to their local stores, spending £1.06bn. Elsewhere, 3.4 million plan to stay at home and spend £0.31bn as they shop online and utilise next day delivery options.
The outlook for the whole Christmas period is positive, as figures are predicted to rise 3.3 per cent YoY from £82.2bn in 2022, to £84.9bn in 2023 over the six weeks leading up to Christmas Day. Growth is driven largely by inflated prices as the total volume of sales is forecasted to decline 4.1 per cent.
Michael Brandy, senior commercial director at VoucherCodes, comments: “As 11.6 million consumers rush to the shops to stock up on last-minute Christmas essentials, retailers should ensure plenty of stock is on hand.
“It’s important for retailers to understand that the cost-of-living crisis will continue impacting the nation’s wallets, resulting in many consumers being more cautious than ever with their spending. Customer convenience will be key to enticing shoppers, and so offering the best express shipping options, and extending in-store offers, as well as unique discounts will help businesses profit from the Christmas period.”
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