Brits to spend £80.2bn on the high street in lead up to Christmas
- UK consumers are expected to spend £80.2bn on the high street in the last quarter of 2023, according to an analysis by point-of-sale and business management platform provider Clover
- This reflects a £2.3bn jump (2.95%) year-on-year as consumers look to find in-person deals, minimise last-minute returns, and experience festive cheer on the high street
- UK consumers are proactively seeking deals this year with a 56% week-on-week uplift in online searches for ‘Black Friday’ during the week commencing 6 November
Commenting on the data, Jon Boland, general manager at Clover in the UK, said: “There’s been a lot of talk about the prospects for brick-and-mortar shopping in this country, but little mention of how the high street is reinventing itself in a digital age and seeing positive results. In recent years, our revived high streets have transformed into places of festive cheer where shoppers can experience events, markets, and holiday lights in person.
“Fresh estimates derived from industry research show that high street spending in the lead up to Christmas this year will likely jump to £80.2bn, with Black Friday seeing elevated spending levels as consumers snap up deals. UK high street retailers will benefit as shopping centres and towns see elevated footfall during the festive season.
“For consumers, returning to the high street to stock up on gifts and goods before Christmas has grown in appeal, with events and deals enticing them back to stores. Equally importantly, memories of last year’s postal delays seem to be weighing heavily on consumers as many look to have presents in hand, minimise the potential for returns, and enjoy an anxiety free holiday season. On top of this, shoppers are being courted by local councils with free parking through the end of December, which is making high street shopping even more appealing.
“After a difficult eighteen months where consumer spending has been muted and profits have been squeezed by increasing overhead costs, shop owners and retailers will breathe a sigh of relief at this news. Speaking with our client base of more than 80,000 small and medium enterprises (SMEs) in the UK, many have pivoted their strategies to adapt to a changing consumer mindset and are now seeing the results. For now, it seems the UK high street is more likely to receive a piece of fruit than a lump of coal in their stocking this festive season.”
