Boxing Day is going to revive a once-favourite thing amount shoppers — retail shopping. UK shoppers are likely to spend around 3.8 billion euros on Boxing Day, a rise of 2% as compared to last year.
While online sellers are likely to see most of that growth, high street will also enjoy a boost thanks to the renewed zeal for post-Christmas deals.
While Boxing Day still remains one of the most busiest days for shopping, shoppers have in the recent years mostly ditched the stores to order from their couches.
About 23 million people in the United Kingdom are expected to buy online shortly after unwrapping their gifts, with several brands mobilising their discounts from Christmas Eve midnight. This is about half a million more than last year, with Chirstmas sales already being over 1 billion euros, according to an analysis by research company GlobalData for Vouchercodes.co.uk.
How much will Boxing Day sales rise?
As per the latest British Retail Consortium figures, UK high streets and other shopping centres are set to experience a 1.5% sales on Boxing Day. The GlobalData analysis on the other hand says that online sales will record a 3.4% growth.
According to PwC retail adviser Kien Tan, a lacklusture Black Friday sales period could actually benefit Boxing Day. Retailers had on Black Friday complained about tepid demand as shoppers scouted for better bargains.
“There are signs are that Black Friday has peaked in the UK and there will still be people looking for bargains on Boxing Day. It’s not necessarily a comeback but it’s still there – a British institution,” Tan was quoted as saying by The Guardian.
The hunt for Boxing Day deals come as shoppers are feeling more cautious than last year as there is “a lot more uncertainty and people are holding back”, said Tan.
Why are Boxing Day sales expected to rise?
The uplift in the Boxing Day sales is driven primarily by two factors, according to The Guardian citing Moji Oshisanya, chief commercial officer at VoucherCodes.co.uk.
“The uplift in sales over the Boxing Day sales period is driven by two key factors. We’re seeing a resurgence in appetite for the Boxing Day sales, with shopper numbers forecast to be at their highest level in four years – a healthy 105.2 million [over a week],” he was quoted as saying.
The second such factor for Boxing Day sales is inflation, Oshinaya said.
“Over the wider six-week Christmas period, from mid-November to the end of December, sales value is expected to grow by 3.2%, yet sales volume is forecast to fall by 0.3%. This indicates that while people are spending more, driving up overall sales figures, they won’t necessarily be taking home more items.”