London shoppers expected to spend £15.5bn this Christmas, report reveals

Shoppers in London are set to spend £15.5bn both in-store and online across the six weeks leading up to Christmas Eve, according to a new report.

The report by VoucherCodes/GlobalData revealed a 4.6 per cent increase compared with the same period last year.

“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,” VoucherCodes senior director, commercial Angus Drummond told The Standard

In addition, The New West End Company forecasted that £1.2 billion will be spent in the West End region this festive period. 

Footfall figures are also continuing to grow, with visits to the West End, which includes Oxford Street, Regent Street and Bond street 11 per cent higher for the week starting November 15, than the previous week. 

READ MORE: Online shopping gets people’s hearts pounding more than social media, report reveals

Overall footfall in the area has since seen an increase of 80 per cent from 2019. 

“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,” NWEC’s chief executive Jace Tyrrell said. 

“Retail businesses are clearly keen to make the most of the festive period in order to make up for lost custom and revenue.”

The news comes as the UK-wide spending prediction currently sits at £84.7 billion, up from 6.3 per cent last year. 

The full VoucherCodes report can be read here.

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1 Comment. Leave new

  • Footfall will drop because new new new latest variant ‘Omnicron’ & new mask regs with £200 fines (doubling each time)

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