Festive spending is expected to hit £45,000 a second tomorrow in what is set to be the busiest shopping day in British history, Daily Mail reports.
Analysts are predicting consumers will spend a record £3.9 billion over 24 hours in a last-minute surge of present-buying. Spending will average £2.7 million a minute, with the peak coming between 1pm and 2pm, during office workers’ lunch breaks.
Visa, Europe’s biggest payment firm, predicts it will process 31 million UK card transactions and Barclaycard expects customers to withdraw £25,000 a second from cash machines.
The frenzy will continue on Christmas Eve and even throughout Christmas Day, when a record number of shops are either opening or launching online sales.
It comes as retailers are slashing prices by more than 70 percent and supermarkets open round the clock in a bid to boost their customer share.
Mandy Ryan, an analyst for the British Retail Consortium, said, “Consumer confidence is considerably higher than it was last year but times remain challenging. People don’t feel like they have more money than ever but they are taking advantage of some great discounts. Inflation is much less than last year so shoppers can get that little bit extra for their money. The fact that Christmas falls on a Wednesday means that a lot of people have Monday and Tuesday off so can get more shopping done. Footfall is actually down but that is because more people than ever are choosing to do their shopping online.”
Visa Europe Commercial Development Director Jeremy Nicholds said, “The rush to shop online at the beginning of the month will be mirrored on our high streets on December 23, which we predict will be the busiest day of the year. With £862,500 expected to be spent every minute on the UK’s high streets with Visa cards, there are indications that this may well be the best Christmas for retailers.”
As well as making the most of pre and post-Christmas sales, more retailers are offering cut-price goods online on Christmas Day.
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