According to retail analysts, today (Saturday 17th December) is set to be the busiest shopping day in the season, as its the last weekend before Christmas. UK shoppers will spend over £1.5m per minute, research suggests. It is suggested that many people have left it late this year and held off spending to the last possible minute but as time is running out they realise there is not much time left until Christmas.
Important factors which are likely to influence where consumers spend their money are window displays and sales. Window displays are getting more elaborate full of colour and expense to entice consumers over the threshold. Together with heavy discounted prices and new year sales starting early retailers are doing all they can to recoup some of the losses they have encountered through the year. A warm November meant retailers winter lines like boots and coats took a nosedive.
If UK retailers fail to make significant sales over the weekend and into next week then the truth is they are unlikely to for the rest of the year and until January at the soonest but then realistically how many shoppers will there be in January once consumers have spent large amounts over the Christmas period, it said on average, UK households were predicted to spend £682 this Christmas.
Will you be shopping today? Have you changed your spending plans this year? Do you work in the retail business? How has the current economic climate affected trade? Send us your comments and experience.