Boxing Day splurge forecast at £4.6bn despite cost-of-living concerns

Britons are expected to shell out a total of £4.6 billion in the Boxing Day sales this year, with the average shopper forecast to spend £236, new research from Barclays shows.

Although that figure is marginally lower than in 2023, when £4.7 billion was spent, it still points to a robust appetite for deals despite ongoing cost-of-living concerns.

The projected outlay per person has slipped by £18 compared with last year, yet shoppers are set to part with £50 more than they did in 2019, before the pandemic. Researchers note that while some of the increase is attributable to inflation, it also reflects a continuing desire among consumers to seek value for money during the post-Christmas period.

Spending patterns appear to favour men, who are set to outspend women by £53. Karen Johnson, head of retail at Barclays Bank, said it was “encouraging to hear that consumers will be actively participating in the post-Christmas sales”, despite mounting financial pressures.

“We’re likely to see a shift towards practicality and sustainability this year,” she said. “Many shoppers will be on the lookout for bargains on kitchen appliances and second-hand goods.”

Indeed, air fryers and similar kitchen gadgets have surged in popularity, with year-on-year sales up by 7 per cent. Barclays attributes this to a focus on “functional finds” and efforts to save on big-ticket items that would ordinarily be out of reach for many shoppers.

The research also suggests a cautious mood: nearly a quarter of consumers will only buy what they deem essential in the sales. Yet some shoppers are still keen to make the most of the in-store experience. More than a quarter of the public plan to hit the shops in person — up from 15 per cent in 2023 — driven by a desire for social interaction, the ability to touch and feel products before buying, and the traditional thrill of high-street shopping.

“Boxing Day feels extra special this year,” said shopper Gabrielle Kirkham, who will be returning to the high street for the first time since the pandemic. “I’m planning to pick up discounted clothing and skincare. It’s much easier to try on clothes in person, which can be more challenging online.”

Although some bricks-and-mortar retailers are choosing to remain closed on Boxing Day, those that open will likely see a boost. A quarter of people planning to shop in the sales say they will spend most of their money in physical stores. Many cited the ability to see items first-hand and the enjoyment of socialising while shopping as key reasons.

High streets and shopping centres remain top destinations, with around a third of British consumers planning to visit them. Supporting local businesses is also a factor, with 17 per cent aiming to back their local high street and 15 per cent intending to shop with independent retailers.

Online channels, however, are set to capture the lion’s share of post-Christmas spending. Barclays forecasts that 65 per cent of Boxing Day purchases will be made online, slightly up on last year’s 64 per cent. Nonetheless, retailers hoping to coax more people onto the high street might consider in-store-only offers: around a third of shoppers say they would be swayed by discount codes that can only be redeemed in person, while 27 per cent would be enticed by a free gift with in-store purchases.

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Boxing Day splurge forecast at £4.6bn despite cost-of-living concerns