Shoppers visiting London’s West End are expected to spend £186m in the final three days before Christmas, according to New West End Company, who represent over 600 retailers, hoteliers and property owners in the region.
During these final three days more discounts and promotions will be on offer, including up to 50% off at a number of stores. Despite Brexit uncertainty and low consumer confidence, which has left shoppers holding back on spending this year, Christmas spend in the West End is anticipated to be on par with 2017, while weekend footfall is expected to increase by 15% compared to an average weekend.
At the start of the festive season, New West End Company forecast £2.5bn was set to be spent over the eight-week Christmas trading period.
Jace Tyrrell, chief executive, New West End Company, said: “This year the last weekend before Christmas falls on the 22nd and 23rd, this is the second busiest weekend in the lead up to Christmas after Black Friday and make or break for many retailers. We are anticipating that the 24th being a working day will result in more people staying in the city, and for in-store sales to reach £186m for those three days (22nd, 23rd and 24th December) alone.
“2017 was one of the strongest Christmas trading periods we have seen in nearly a decade, and while retailers are facing stronger economic headwinds this year, London and the West End have remained resilient. As such we would expect sales over the Christmas eve weekend to be roughly in line with 2017 totals.”