(qlmbusinessnews.com via telegraph.co.uk – – Tue, 26 Dec 2017) London, Uk – –
One in three Britons will shop in today’s record-breaking Boxing Day sales, as retailers reduce pieces so low that many are set to make a loss.
Analysts at Barclaycard said 34 per cent of Britons will go to the festive sales, up by nearly 50 per cent from 23 per cent last year.
Discounts seen in stores are expected to be up to 90 per cent of their original price, as desperate retailers attempt to convince consumers to part with their cash.
This is despite most large retailer’s profit margins sitting at 50 per cent or lower.
It comes after consumer appetite for the post-Christmas sales period fell last year after an extended period of discounting that began well before November’s Black Friday.
Barclaycard’s poll found months of “feeling the squeeze” this year is resulting in many consumers looking forward to the sales to ease their budgets.
VoucherCodes and the Centre for Retail Research also predict that the Boxing Day sales will attract more than a third of the UK’s population, expecting them to spend a record £4.3 billion – a 12 per cent rise on 2016.
Boxing Day discounts in some stores are expected to far exceed those offered on Black Friday. for example Debenhams cutting the price of a sequin cape sleeves dress by 84 per cent, down from £99 to £15.
In addition children’s toy shop the Entertainer is cutting prices by up to 80 per cent. Fashion retailers including Topshop, River Island and Anthropologie are offering items with up to 70 per cent off.
Meanwhile premium brands like Le Creuset will offer record discounts of up to 40 per cent on Amazon.co.uk.
Bargain-hunters were expected to have queued for sales from midnight on Christmas Day night.
Sales start in stores at 6am at Next, 8am at Sainsbury’s and 9am at most retailers.
Security guards were on duty all night for queues, with in-store staff at work as early as 3am.
Paul Lockstone, managing director at Barclaycard, said: “Last year, Black Friday overshadowed Boxing Day sales as many retailers struggled to maintain consumer interest in what has become a month-long discounting event. “This year, however, value-seeking consumers appear to be more eager to buy cut-price items across both sales periods as they try to combat rising prices.”
Richard Perks, director of retail research at consumer analyst Mintel, said: “Boxing Day will be frantic, with almost all retailers on sale. That certainly brings out the shoppers.
“People may well spend all their budgets. Homewares and electronics will be popular.”
“Shops said Boxing Day last year was the best day ever – even better than forecast – and the day gets bigger and bigger every year.”