London Christmas shoppers set to spend £15.5bn - report
London retailers are in for a consumer Christmas spending bonanza. The capital’s shoppers are expected to spend £15.5 billion both in-store and online across the six weeks leading up to 24 December. That’s 4.6% higher than the same six week-period last year, according to a VoucherCodes/GlobalData report.
Angus Drummond, senior director, commercial at VoucherCodes, told The Standard newspaper: “As London’s retail industry gets back on its feet recovering from the huge challenges brought on by Covid, our report’s prediction for this Christmas is the welcome news many retailers will have been waiting for.”
Meanwhile, latest figures from London business group The New West End Company were also positive, forecasting that £1.2 billion will be spent in the West End region this Christmas.
Its latest footfall figures also show the season has got off to a strong start. For the week starting November 15, visits to the West End, with includes Oxford Street, Regent Street and Bond Street, was 11% higher than the prior week.
Footfall across the area has increased to 80% of 2019 levels, and while these latest figures are the highest the district has experienced since the first lockdown, a lack of international visitors means that spend remains lower.
NWEC’s chief executive Jace Tyrrell said: "As footfall continues to grow, we are expecting our domestic customers to take full advantage of the numerous discounts on offer this year, which are already being promoted by many retailers across the district. Retail businesses are clearly keen to make the most of the festive period in order to make up for lost custom and revenue.”
UK-wide spending prediction is for £84.7 billion, up 6.3% and 1.9% respectively from the prior two years.
Copyright © 2023 FashionNetwork.com All rights reserved.