20 December 2014
Last updated at 11:58
£1.2bn is expected to be spent by UK shoppers on the last Saturday before Christmas, with researchers calling it “Panic Saturday”.
Around 13m consumers will each spend £92 per minute on gifts and groceries, says the Centre for Retail Research.
The seven-day period before Christmas Day is predicted to see a 7% rise in spending on the same time last year.
And department stores are expecting to double their takings throughout the last weekend before Christmas.
About 13m Brits will cram the nation’s high streets and malls and they are expected to smash last year’s record daily spend of £1.2bn (on 23 December).
Outlets in the North of England are predicted to benefit the most according to data released by payment processing company Worldpay.
“Many of these eleventh-hour shoppers will be breaking into a cold sweat at the thought of heading to the high street on the busiest shopping day of the year and praying for someone to take the pain away,” said Worldpay UK managing director Dave Hobday.
Panic Saturday follows on from Cyber Monday – the busiest day for people doing their Christmas shopping online – and the large discounts offered on Black Friday, which originated in the US.
UK retail sales rose at their fastest annual rate in more than 10 years in November, thanks to the effect of Black Friday which saw scuffles break out in stores.
Are you doing last minute festive shopping this weekend? Do you work in the retail or hospitality industries? Email your comment to [email protected]
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