Tomorrow is set to be the busiest shopping day this week with almost 12 million people heading to the high street to make last-minute festive purchases – but experts have warned consumers to avoid getting into debt
Almost 12 million people are set to head to the shops on Christmas Eve to make last-minute Christmas purchases.
In a big boost for the retail sector, 11.6 million people are expected to head to the high street – with sales up 17% on last year.
Firm VoucherCodes.co.uk said brick-and-mortar stores can look forward to a healthy day of sales with £1.08 billion spent by those shopping in one day alone. With another £0.22bn coming from online sales, in total £1.31bn is forecast to be spent.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, said: “This Christmas consumers are leaving their shopping to the very last minute, panic buying their last few Christmas essentials on Christmas Eve. This is good news for retailers who can expect sales to be up 17% compared to last year.”
Anita Naik, savings expert at the firm, added: “Christmas Eve can be a great day to head out and find a Christmas bargain – if you don’t mind the crowds. With retailers starting their Boxing Day sales earlier and earlier each year, you can often find discounted Christmas gifts on Christmas Eve as stores try to shift unsold stock before the festive season is over. Preparation is key when time and money are tight, so plan which stores you want to go to, and things you need to buy ahead of time.”
Tomorrow is also set to be the busiest single day on the roads this week, with 3.8 million separate journeys expected by car as people plan shopping trips or getaways to visit loved ones according to the RAC.
There is also set to be a boost for the struggling hospitality sector, with payments tech company Dojo saying reservations for Christmas Day meals and drinks in pubs, bars and clubs are up by 273%, while restaurants have seen a 115% rise in bookings.
But over 9 million people across the UK are expecting to end up in debt due to the high cost of Christmas this year, according to research from responsible lender Creditspring.
Neil Kadagathur, CEO of Creditspring, said: “Christmas is a period we should all look forward to but millions of people approach it with dread due to the crippling impact it has on their finances. A new year often marks a time when we look to get our finances in order, but many people are going to enter January on the back foot and already under intense financial strain.”
