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London Christmas Shopping Over £ 15 Billion

A record £ 85 billion is projected to be spent for Christmas, with London retailers forecasting the largest spending of £ 15.5 billion.

The average Londoner spends £ 1,745 preparing for Christmas. This is the highest amount in the UK compared to the national average of £ 1,275.

The figures in Voucher Codes’ annual Christmas report show that spending in London has increased by 4.6% year-on-year, well below the average growth rate of 6.3%.

Use as a gift

In total, the UK is expected to spend £ 12.44 billion on gifts on its own, an increase of 6% compared to 2020 (£ 11.73 billion). However, despite this significant increase, gift spending is below 2019 spending (£ 13.67 billion). Economic concerns caused by pandemics, rising tax and energy prices, and expected product shortages due to supply chain problems are expected to be the main reasons for 2021 gift spending to fall below 2019 totals. ..

Growth in clothing spending

Clothing and shoe sales are projected to reach £ 2.06 billion this holiday season. Fashion retailers are expected to see the largest increase in sales, 44% year-on-year. This is primarily the result of a pandemic hitting the sector on Christmas 2020. The blockade has moved consumer priority away from fashion, reducing Christmas spending by 50% year-on-year. In reality, spending on clothing and shoes is expected to fall below the 2019 total (£ 2.86 billion), so the sector is still recovering from the pandemic.

Christmas spending by device

For Christmas 2021, unlike 2020, non-essential retailers are expected to continue to operate normally throughout the period, so spending is set to decline on all devices year-over-year. increase. Laptops and computers are now set to account for the largest online spending. Christmas is £ 12.48 billion, followed by smartphones (£ 12.16 billion) and tablets (£ 7.61 billion).

Christmas excitement

Christmas 2021 looks very different from Christmas 2020. Thanks to the deployment of the vaccine, Covid’s restrictions were significantly lifted in July and consumers began to adapt to life after the blockade. Consumers are looking forward to the first “normal” Christmas since 2019, as government regulations are unlikely to be reintroduced this Christmas, although pandemics are still very high in the UK.

As a result, British people are more excited about this Christmas than last year and have a strong desire to make up for this year’s Christmas last year. In a survey, 66% of UK consumers said they wanted this Christmas to feel more special than Christmas 2020.

Christmas spending in the Voucher Codes report is defined as 6-week retail spending from mid-November to the end of December.

Article Source: Voucher Codes Predicts Christmas Shopping in 2021: Christmas Period

London Christmas Shopping Over £ 15 Billion

Source link London Christmas Shopping Over £ 15 Billion

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