Highest consumer festive spending since 2007 predicts new survey.
The UK public will spend over £400 each on Christmas shopping this year, according to a new poll conducted by research company ICM.
And retailers in the West End are set to benefit from an expected £2.3 billion – with this amount being spent in stores on Oxford Street, Bond Street and Regent Street in the six weeks leading to Christmas.
This total would represent the highest spend since 2007.
The ICM poll for Retail Week found that shoppers across the UK would spend £423 on presents, with 35-54 year olds expected to spend £484.
Findings predict that 67% are planning to purchase toiletries, beauty and perfume, while 65% will buy entertainment goods and 64% are planning to purchase clothes, shoes and accessories.
In addition, according to the New West End Company’s Christmas Tracker Report, shoppers will spend £5.1 million every hour during the period. This represents an uplift in spend of 1.2% compared to the same time in 2014.
Footfall is also likely to increase 30% on the annual average for the region and average spend should soar 66%.
“This Christmas is likely to be the best for retailers since 2007, and the West End – as the UK’s principal retail hub – will be the main beneficiary,” said Jonathan De Mello, head of retail consultancy at Harper Dennis Hobbs (which carried out the research).
