‘Panic Saturday’ kicks off frantic £17.6* billion high-street spending spree
UK shoppers to shell out £2.6 billion this Saturday, Footfall in major department stores set to double
Shoppers could spend as much as £2.6* billion on cards this Saturday according to Worldpay, with millions flocking to the high-street in a bid to buy last-minute presents on the last full weekend before Christmas Day.
Worldpay’s analysis of spending patterns suggests high-streets will be at least 45%** busier than average this Saturday. Footfall in major department stores is expected to rise by more than 127%** while the volume of transactions in clothing and footwear stores is also set to double.
Across the UK, residents in Milton Keynes will be hitting the high street in the greatest number, with retail hubs including the Centre:MK likely to be as much as 63%** busier than normal. High streets in the North East will also be among the busiest, with footfall in Newcastle City Centre expected to be up 62%** compared to an average Saturday’s trading.
As Christmas falls on a Sunday this year, “Panic Saturday” is expected to kick off a £17.6 billion* week-long spending spree on cards, which will have the tills ringing right up until Christmas Eve. And while this Saturday looks set to be the busiest shopping day of the year so far, Worldpay believes card spending on 23rd December could reach more than £3 billion* , with the hunt for last-minute gifts going right to the wire.
James Frost, Chief Marketing & Commercial Officer, UK Worldpay, said: “Christmas is the only time of the year that we convince ourselves it’s okay to overspend and our latest data suggests trading in the run-up to Christmas could be up by as much as 7%** compared to 2015. Retailers who ignore the impact this intense shopping period will have on their business do so at their peril.”
According to Worldpay, average transaction values in some key shopping districts rose 25%** last year between the 18th December (Panic Saturday) and the 23rd December, as consumers gave up on bargain-hunting in favour of convenience.
James Frost added: “We’re entering the most frantically commercial week in the retail calendar, so while bargains are a bonus it’s reliability and convenience that stressed out shoppers will crave over the coming days. For retailers this means putting more staff on the shop floor to offer advice, locate items and take payments, alleviating pressure from the tills as customers queue to purchase items and making the shopping experience painless even at the busiest of times.”
Worldpay’s Consumer Preferences Report*** also sheds some light on the negative impact on sales retailers could face if they fail to deal with long queues effectively. Three quarters of shoppers say they’d abandon a purchase after just five minutes of queuing in-store.
Londoners had the lowest tolerance for standing in line, with just 18% prepared to queue for more than five minutes. Those in the North and Scotland had a higher patience threshold, with 28% of shoppers in the North of England saying they’d wait more than five minutes before abandoning a purchase.
About the data
*Calculation is based on the assumption that total sales processed by Worldpay between 18 and 24th December 2015 equate to 40% of total card transactions over that period
**Projections based on analysis of Worldpay transaction data between 18th and 24th December 2014 and 2015
***Survey of 2,500 UK consumers conducted by Research Now, on behalf of Worldpay. Fieldwork was conducted between 9th April – 5th May 2016. The survey was conducted online
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to over 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
Worldpay UK has more than 40% market share in the UK and helps businesses of all sizes sell more to their customers by accepting card payments in-store, online, via mail or telephone, and on the move. www.worldpay.com/uk
For more information please contact:
Harry Ronaldson, Golin: T + 44 (0) 20 7067 0144
Angela Woodward, Worldpay: T: +44 (0)203 664 2605