Britons to splash out £1m a minute on Christmas Day
BARGAIN hunters will splurge a record £1million a minute on Christmas Day, experts predicted yesterday.
About 12 million people are expected to look for deals as retailers slash prices a day early online.
Analysts say spending could hit £1billion in total – breaking last year’s record of £895million.
They reckon the average person will spend £83, with online traffic surging from 3pm – after exchanging gifts and Christmas lunch.
Some retailers are saying they will be offering products at their “lowest-ever price” during the Christmas sales.
Major chains such as Gap, House of Fraser and H&M are all already offering up to 60 per cent off many products both online and in store.
M&S and Next customers will be able to enjoy bargains online from today. John Lewis has also started offering bumper deals online.
Professor Joshua Bamfield, director of the Centre for Retail Research, said: “Christmas Day will be the best one yet for online. It has become a big shopping day.
“The amount spent this Christmas Day will reach a billion, significantly more than last year’s £895million.
“And lots of small shops will open and do well, too.”
The £1billion spree works out at £1.04million a minute over 16 hours. Electronics will be popular buys on Christmas Day, experts say.
Amazon sales trends show films and song downloads will also be big sellers.
Just £120million was spent online on Christmas Day in 2009, according to figures from the Centre for Retail Research. This year, analysts believe shoppers will spend £700million using their mobile phones – a record daily amount.
The prediction comes amid fresh concern over the future of the High Street.
A spokesman for online retail chiefs IMRG said: “There will be a lot of people online shopping on Christmas Day, and online spending is up on last year.
“Boxing Day sales will have started online by Christmas Day, and people want to take advantage.
“Mobile shopping is so easy and people will be doing it on a lazy Christmas Day afternoon after the Queen’s Speech.”
Stuart McClure, founder of lovethesales.com, said: “Year on year growth is going up for Christmas Day, but down for Boxing Day.
“We’ll see growth this Boxing Day, but probably only around five per cent.”