Bargain hungry Britons spent more than £800 million online after Christmas lunch, according to retail analysts. The record spending on Christmas Day comes ahead of £4 billion expected to be spent in the more traditional Boxing Day sales.
As many as one in five adults made a sales purchase on Christmas Day, which is being hailed as a vote of confidence in post-Brexit Britain. It is expected that the amount purchased will be 10 per cent up on last year’s Christmas Day sales, as families interrupted more traditional Christmas activities like playing board games, or watchig the Queen’s speech, to do a spot of online shopping.
Another sales record is expected to be set on Boxing Day, with the total spend over the next four days due to reach £7.6 million. The predicted boost to the British economy follows a major survey of business directors, which revealed nearly two thirds were feeling optimistic going into 2017. According to analysts, only Britain and Germany will be in the world’s top eight economies by the year 2030. Many are predicting that the fall in the value of the pound, as a result of Brexit, will lead to a boom in the tourism industry as well as in the luxury goods market in the UK.
Around 14 million bargain hunters are set to hit the high street, or head to out of town shopping centres, today, with another 12 million choosing to shop online. The huge spending spree comes amid fears that prices will rise next year as a result of soaring inflation. Many analysts believe some savvy Britons are choosing to make their purchases now, rather than waiting for prices to soar.
Britain’s economy has surpassed expectations for the three months following the EU referendum in June and continuing consumer confidence is vital to continuing growth during 2017, when Prime Minister Theresa May has said she will be seeking to trigger Article 50 to start official divorce proceedings from Europe.