'Panic Saturday' Starts Xmas Spending Spree

Written By Unknown on Sabtu, 20 Desember 2014 | 23.18

Christmas shoppers are expected to spend a total of £1.2bn on last-minute gifts and groceries on what has been dubbed 'Panic Saturday'.

Around 13 million consumers will spend £2.1m for every minute stores are open - at an average of £92.31 per person, according to a report by the Centre for Retail Research (CRR) for Vouchercodes.co.uk.

Claire Davenport, Vouchercodes.co.uk managing director, said: "With Christmas Day falling later in the week this year, consumers feel that there is still plenty of time to complete their shopping.

"Panic Saturday kicks off a big week for retailers and we're expecting to see a huge increase in traffic to our site this weekend."

Some of the biggest high street names have slashed their prices for what is expected to be one of the busiest shopping days of the year.

Debenhams has reduced some gifts by 50%, Boots is offering a 60% discount of selected fragrances, while Marks & Spencer is selling some beauty products for half-price.

At the Bluewater shopping centre in Kent, retailers said men's gadgets and women's clothing and handbags are topping Christmas wish lists.

Top sellers for women include cashmere accessories, Michael Kors handbags and Chanel perfume, while top sellers for men include gadgets like Nespresso coffee machines, Sonos wireless speakers, and PlayStation 4 and Xbox One games consoles.

David Barford, retail operations director at John Lewis, predicts the splurge will continue next week "now that schools have broken up and people have time off work".

He added: "As you'd expect at this time of year, beauty is performing particularly well, along with accessories like handbags and purses. Childrenswear is also having a strong week."

Delayed online orders, poor weather and earlier sales are expected to drive around 70 million shoppers to the high street between now and Christmas Eve - an increase of 14% on last year.

The CRR report also predicts in-store sales will reach £4.74bn over the five days before Christmas, another noticeable increase on last year (21%).

The CRR says the additional shopping day will contribute an extra £870m.

Department stores can expect to double their takings this weekend, data from payment processing company Worldpay suggests, with shops in the north of England set to benefit the most.

It said the number of card payments taken by department stores in some parts of the UK just before Christmas increased by as much as 224% this time last year, and even better figures are expected for 2014.

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Britain's high streets, shopping centres and websites have been awash with discounts as more retailers than ever embraced US-style promotions, seeking to kickstart trading in the key Christmas period

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