All areas of retail predicted to see uplifts this Christmas period
Northern Ireland is expected to spend around £2.17bn over the festive period, latest figures predict.
With spend anticipated to equate to £1155.47 per head in NI, it is expected to be the lowest of all UK regions. However, sales are to rise 5.2% year-on-year, giving Northern Ireland the biggest year-on-year growth.
In the Shopping for Christmas Report 2024, VoucherCodes.co.uk forecasts a 4% boost in sales this festive season across the UK, with consumers spending on gifts, food and drink, and holiday travel.
Whilst the rise comes partly from inflation, it is also driven by a 1.4% rise in sales volume year-on-year, as consumers have more money in their pockets to buy more items.
The latest report reveals retailers are expected to enjoy a 1.4% uplift in sales volume this Christmas season, with both online and offline sales to rise, hitting £32.48bn and £55.81bn respectively.
Closer to home, almost all retail categories are expected to see a rise in spend this Christmas. With the highest total spend, gifts will account for £11.35bn of sales – a 0.8% YoY rise on the £11.25bn spent last year. However, holiday travel will see the biggest YoY rise at 6.4%, that’s a jump from £2.18bn to £2.32bn. Food and drink will also see a large uplift at 5.1% YoY, with sales hitting £8.07bn.
Decorations is the only category to see a fall in spend this year, with sales falling -4.3% from £0.66bn to £0.63bn as consumers prioritise spending on family celebrations.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk said: “It’s set to be a very Merry Christmas for retailers this year. Almost all areas of retail are forecast to see uplifts over the Christmas period, consumers are finally willing and able to splurge and treat themselves and their family to a big festive celebration.
“Although consumers have more money in their bank accounts to spend this Christmas, they’re still looking for ways to stretch their budget. After two years of a cost-of-living crisis, consumers are much more financially savvy and know when they see a good deal. To convince them to part with their hard-earned cash, retailers will have to offer genuine value and should consider deals and discounts as a way to entice customers to spend.”
