Shoppers to spend £1billion less than last year in Boxing Day sales as strikes and cost-of-living take toll
BARGAIN hunters will spend £1billion less than last year in today’s sales.
Experts say it is due to train strikes, snow and the cost of living crisis.
Some stores, including M&S, John Lewis and Boots, started slashing prices by up to 70 per cent on Christmas Eve to clear excess stock.
Around 14.5 million shoppers will head to UK high streets today, queuing from 6am.
But Prof Joshua Bamfield, director of the Centre For Retail Research, said: “The train strikes will have a major impact and everyone has less money. Add the snow and ice and it looks pretty dire.”
He said shoppers spent around £10billion in last year’s sales, so this year’s drop amounts to a ten per cent decrease.
He added Boxing Day sales have suffered in recent years due to online shopping and Black Friday discounts.
Christmas Eve footfall was up 9.2 per cent on the previous Saturday but this was due to earlier train strikes.
The average shopper intends to buy £229 worth of items in the post-Christmas sales period — a reduction of £18 compared with 2021, Barclaycard Payments said.